PPP Loans Benefited Vernon Hills Businesses

Vernon Hills IL

21 July, 2021

10:04 AM

Description

VERNON HILLS, IL — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Vernon Hills. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 435,736 PPP loans approved in Illinois in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $15,328,824,895. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Vernon Hills businesses that benefited from the program according to the SBA. Check here for a full, searchable database. AMERICAN HOTEL REGISTER COMPANY Vernon Hills, IL, 60061 Approval amount: $7,492,062 Jobs reported: 426 INCREDIBLE TECHNOLOGIES, INC. Vernon Hills, IL, 60061 Approval amount: $4,093,200 Jobs reported: 260 BLITT & GAINES P C Vernon Hills, IL, 60061 Approval amount: $3,486,732 Jobs reported: 285 Forgiveness amount: $3,528,089 RICHARD WOLF MEDICAL INSTRUMENTS CORP. Vernon Hills, IL, 60061 Approval amount: $3,315,300 Jobs reported: 222 Forgiveness amount: $3,350,755 LEARNING RESOURCES, INC. Vernon Hills, IL, 60061 Approval amount: $3,186,882 Jobs reported: 219 GRAHAM ENTERPRISE, INC. Vernon Hills, IL, 60061 Approval amount: $2,656,700 Jobs reported: 353 Forgiveness amount: $2,687,052 SAYERS TECHNOLOGY HOLDINGS, INC Vernon Hills, IL, 60061 Approval amount: $2,494,000 Jobs reported: 138 Forgiveness amount: $2,521,878 HAND2MIND, INC. Vernon Hills, IL, 60061 Approval amount: $2,190,545 Jobs reported: 178 EUROPA EYE WEAR CORP. Vernon Hills, IL, 60061 Approval amount: $2,135,700 Jobs reported: 145 Forgiveness amount: $2,160,041 RMS LIFELINE INC. Vernon Hills, IL, 60061 Approval amount: $2,110,000 Jobs reported: 105 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].