PPP Loans Benefited Milwaukee Businesses

Milwaukee WI

21 July, 2021

4:08 PM

Description

MILWAUKEE, WI — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Milwaukee. 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 102,837 PPP loans approved in Wisconsin in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was 4,391,796,235. 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 Milwaukee businesses that benefited from the program according to the SBA. Check here for a full, searchable database. VON BRIESEN & ROPER S.C. Milwaukee, WI, 53202 Approval amount: $10,000,000 Jobs reported: 340 GODFREY & KAHN, S.C. Milwaukee, WI, 53202 Approval amount: $7,289,500 Jobs reported: 335 Forgiveness amount: $7,375,776 DENTAL ASSOCIATES FAMILY & SPECIALTY CARE LLC Milwaukee, WI, 53202 Approval amount: $6,406,055 Jobs reported: 500 Forgiveness amount: $6,482,928 W T WALKER GROUP INC Milwaukee, WI, 53202 Approval amount: $5,752,567 Jobs reported: 382 Forgiveness amount: $5,819,434 BUTTERS-FETTING CO., INC. Milwaukee, WI, 53204 Approval amount: $5,150,500 Jobs reported: 306 Forgiveness amount: $5,209,343 BADER RUTTER & ASSOCIATES, INC. Milwaukee, WI, 53202 Approval amount: $5,098,900 Jobs reported: 289 Forgiveness amount: $5,157,572 ZILBER LTD. Milwaukee, WI, 53203 Approval amount: $5,034,250 Jobs reported: 269 Forgiveness amount: $5,091,627 AIDS RESOURCE CENTER OF WISCONSIN INC Milwaukee, WI, 53203 Approval amount: $4,978,500 Jobs reported: 415 Forgiveness amount: $5,035,923 KRIETE GROUP, LLC Milwaukee, WI, 53202 Approval amount: $4,833,100 Jobs reported: 390 Forgiveness amount: $4,888,714 GRAEF-USA INC. Milwaukee, WI, 53203 Approval amount: $4,631,500 Jobs reported: 271 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].