DECATUR, Ill. (WAND) – Thousands of small businesses across Central Illinois got a boost from the federal government’s Paycheck Protection Program, which provided forgivable loans to businesses struggling because of COVID-19 closures.
The Small Business Association (SBA), who oversaw the loans, released the names of businesses getting more than $150,000, less than 20% of the total number of recipients who, in some cases, received up to $10 million.
A PDF document containing businesses and the loans they received is attached to this story. Please note the document only includes businesses that received $150,000 or more.
In Central Illinois, 1,305 businesses received over $150,000. That is less than half a percent of the 27,412 loans granted statewide. A total of 282 Springfield businesses took a loan, along with 194 in Champaign and 54 in Danville. The Decatur Family YMCA was one of 146 in the city of Decatur to get more than $150,000.
"It was a huge relief off of me and off of our organization as whole when we got this loan and it kind of helps us get back on better financial footing,” the YMCA’s CEO, Matt Whitehead, said.
The SBA did not provide the specific amount that a business took in loans but did provide documentation showing the YMCA received between $150,000 - $350,000.
"Our revenue was reduced to essential zero except what we were getting from donations and from childcare,” Whitehead said. "This PPP kind of came out at the right time, and it was the right time for us and it will help us get back on good financial ground."
In total, businesses that received more than $150,000 could have received a combined total of a billion dollars in aid.
The SBA did not provide names of businesses getting than $150,000 or less, but we do know based on public records that 174,746 businesses in Central Illinois got a loan below that amount. Fifty-four Decatur businesses got a piece of the pie, while 1,305 Champaign businesses did. Two-thousand businesses in Springfield and 378 in Danville got loans under the $150,000 amount.
In all, more than 835,000 Illinois businesses took part in the program, which included churches, religious schools, along with corporations and limited liability companies.
The PPP was established through the CARES Act to help save jobs and support smalls businesses suffering from restrictions put in place due to the coronavirus pandemic. The program started out with $660 billion available in loans.
According to the application, business owners with less than 500 employees have to check a box which says the loan will be used to retain workers, maintain payroll and keep up with mortgage, rent or utility payments.
The loans can be forgiven if businesses meet certain conditions like rehiring employees and maintaining salary levels.
