PPP Loans Benefited Ankeny Businesses

Ankeny IA

21 July, 2021

10:03 AM

Description

ANKENY, IA — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Ankeny. 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 111,964 PPP loans approved in Iowa in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $2,973,773,610. 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 Ankeny businesses that benefited from the program according to the SBA. Check here for a full, searchable database. KARL CHEVROLET INC Ankeny, IA, 50021 Approval amount: $5,271,947 Jobs reported: 472 Forgiveness amount: $5,333,599 ACCU-MOLD, LLC Ankeny, IA, 50021 Approval amount: $3,859,317 Jobs reported: 339 Forgiveness amount: $3,903,726 SNYDER & ASSOCIATES, INC. Ankeny, IA, 50023 Approval amount: $3,857,400 Jobs reported: 244 KINZLER CONSTRUCTION SERVICES, INC. Ankeny, IA, 50021 Approval amount: $2,774,000 Jobs reported: 235 Forgiveness amount: $2,797,712 ON WITH LIFE, INC. Ankeny, IA, 50023 Approval amount: $2,458,497 Jobs reported: 222 Forgiveness amount: $2,485,911 STEENA CO LLC Ankeny, IA, 50023 Approval amount: $2,120,370 Jobs reported: 500 Forgiveness amount: $2,145,225 ON WITH LIFE INC. Ankeny, IA, 50023 Approval amount: $1,838,592 Jobs reported: 159 GL ANKENY FORD, LLC Ankeny, IA, 50021 Approval amount: $1,800,927 Jobs reported: 129 Forgiveness amount: $1,821,812 SIGNATURE RESOURCES, INC. Ankeny, IA, 50023 Approval amount: $1,656,433 Jobs reported: 145 Forgiveness amount: $1,672,721 RCS MILLWORK, LC Ankeny, IA, 50021 Approval amount: $1,424,873 Jobs reported: 110 Forgiveness amount: $0 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].