B-N Restaurants Were Biggest Recipient Of Federal Coronavirus Loans | WGLT

B-N Restaurants Were Biggest Recipient Of Federal Coronavirus Loans

Jul 7, 2020

Bloomington-Normal businesses and other organizations were approved to borrow at least $130 million through the federal Paycheck Protection Program, with the most money going to restaurants and doctor’s and lawyer’s offices, according to a WGLT review of the loan data.

The total loan amounts could be as high as $284 million; the data released by the federal government only offers a range of amounts for the largest loans. The loans, made to 1,772 recipients, helped retain a total of 21,526 jobs across Bloomington-Normal, according to the data.

Restaurants received at least $15.9 million in loans—the most for any single industry in Bloomington-Normal. Also in the Top 10 were doctor’s offices (at least $6.8 million), lawyers’ offices ($5.3 million), and dentist’s offices ($4 million). Religious organizations got $2.6 million. Landscapers got $2.1 million.

The Top 10 industry recipients in Bloomington-Normal:

  1. Full-Service Restaurants - $11,073,728
  2. Physicians Offices - $6,778,015
  3. Lawyers Offices - $5,318,230
  4. Engineering Services - $5,150,000
  5. Land Subdivision - $5,150,000
  6. Trucking - $5,009,943
  7. Limited-Service Restaurants - $4,780,475
  8. Electrical Contractors - $4,760,550
  9. Dentists Offices - $3,996,528
  10. New Car Dealers - $3,650,034

The U.S. Small Business Administration and Treasury Department released the data on Monday, showing every business or organization that’s been approved for a Paycheck Protection Program (PPP) loan by a lender.

The average loan in Bloomington-Normal was $86,093—a little less than the nationwide average of $100,000. Individual recipient names and addresses were not made available for any loan under $150,000.

There were four loans in the largest amount: between $5-10 million. Biaggi’s, Farnsworth Group, Nu-Way Logistics, and Stark Excavating were the recipients. The All-In Hospitality Group, a company related to Biaggi’s that runs Ancho and Agave restaurant, was approved for a separate loan of between $350,000 and $1 million, according to the SBA data.

Approved for loans of between $2-5 million were Corn Belt Energy, Wm. Masters, Gailey Eye Clinic, and Wilber & Associates, an insurance claims provider based in Normal.

In all, 35 loan recipients in Bloomington-Normal claimed PPP money would help them retain 100 or more jobs. That includes Farnsworth Group (490 jobs), Nu-Way (444), McDonald’s owners Jann Restaurant Inc. (366), and Synergy HomeCare owner GJ Aaberg Inc. (314).

Among the 100+ nonprofits approved for loans were Westminster Village ($1-2 million), Special Olympics Illinois ($1-2 million), The Baby Fold ($1-2 million), Central Catholic High School ($350,000 to $1 million), and Cornerstone Christian Academy ($350,000 to $1 million).

PPP loans are made by lending institutions and then guaranteed by SBA. The Top 5 lenders with the most PPP loans in Bloomington-Normal were Heartland Bank, Commerce Bank, Busey Bank, First Mid Bank and Trust, and Morton Community Bank, the data shows.

Nationwide, around 4.8 million PPP loans totaling $521 billion have been approved to date. PPP loans are aimed at keeping employees on the payroll. The program has supported 51 million jobs, according to the SBA. The low-interest loans can be forgiven if businesses meet certain conditions, such as retaining or rehiring employees and maintaining salary levels.

Here are Bloomington-Normal businesses and organizations approved for PPP loans of $150,000 and above, according to data provided by SBA. For those recipients with "Jobs Retained" listed as "0" or blanks in the data, they are listed as "Not Available."

PPP Loans Approved In Bloomington-Normal
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