DeKalb County businesses in total received a combined $35,682,539 in loans from the federal government through its Paycheck Protection Program (PPP), which helped retain 4,856 jobs in local small businesses since the COVID-19 pandemic began, documents show.
Businesses such as Forge Resource Group and American Marketing & Publishing LLC in DeKalb received between $2 and $5 million, according to data released this week. Other notable local PPP awards were given to Pine Acres Rehab and Living Center, churches, several auto dealerships, Lehan Drugs, SunDog IT and Barb City Manor.
Algus Packing Inc., DeKalb Mechanical Inc., DeKalb Motor Company in DeKalb, Nehring Electrical Works Company in DeKalb, SK Express Inc. in DeKalb were awarded between $1 and $2 million.
In total the Treasury Department’s Paycheck Protection Program authorized $520 billion for nearly 5 million mostly small businesses and nonprofits. That amounted to fewer than 15% of all borrowers. Federal data released this week lists all businesses which received in excess of $150,000 in PPP loans, though media outlets including the Associated Press are suing the government to release the names of the remaining businesses who received less than $150,000.
The third highest loan bracket awarded between $350,000 to $1 million to companies such as Pine Acres Rehab & Living Center — DeKalb County’s largest hit longterm care facility which to date has reported 80 COVID-19 cases and 12 deaths, and has in pat struggled to find Personal Protective Equipment (PPE) for staff.
A breakdown of the loan data shows businesses within the City of Sycamore received the most, with $11,992,713, with an average loan of $37,129.
Businesses in the City of DeKalb received $11,589,313 for an average loan amount of $33,112.
Sandwich businesses were provided $4,599,158.
Genoa businesses were provided $2,014,901 for an average loan gift of $27,601. Kingston businesses were provided $1,257,707 for an average loan of $46,581.
Businesses in Kirkland were loaned a total of $1,069,256 for an average loan of $34,492. Cortland businesses were awarded a total of $1,134,812 from the government, with loans averaging $39,131.
Hinckley’s combined loans totalled $1,070,717 averaging $27,454, and Malta businesses were awarded $1,023,962 for an average loan amount of $29,256.
Other companies which received between $350,000 and $1 million include Lehan Drugs, Armoloy of Illinois Inc. in DeKalb, Blackhawk Moving & Storage Inc. in Sycamore, Blue Marlin Imports Inc., Brad Manning Ford Inc. in DeKalb, Brian Bemis Autoworld Inc. in Sycamore, Cole Pallet Services Corporation in DeKalb, Conex Cable LLC in DeKalb, DeKalb County Packaging Co. Inc in DeKalb, DeKalb Implement Company in Sycamore, Encap Inc., Medical Outsourcing Solutions Inc.
SunDog IT in DeKalb received between $150,000 to $350,000, as did St. Mary Catholic Church in both Sycamore and DeKalb, School Tool Box in DeKalb, Prairie Point Obstetrics and Gynecology, Barb City Manor in DeKalb, Brian Bemis, Children’s Learning Center Inc., Elder Care Services of DeKalb County, Hope Haven homeless shelter, Inboden’s Meat Market, Kishwaukee Country Club in DeKalb, Northern Rehabilitation and Sports Medicine Associations, The Growing Place, Tom Sparks Buick, Inc., Tri-R Systems Incorporated and Wagner Excavating.
The total amount of PPP loans awarded to DeKalb County businesses includes those who received less than $150,000, though their names are not known.
The government’s small business lending program has benefited millions of companies, with the goal of minimizing the number of layoffs Americans have suffered in the face of the coronavirus pandemic.
Economists generally credit the program with preventing the job market meltdown this spring from becoming even worse. More than 22 million jobs were lost in March and April. But roughly one-third of them were regained in May and June – a faster rebound than many analysts had expected.
The Associated Press contributed to this report.
Source: The Daily Chronicle
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