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:
- Full-Service Restaurants - $11,073,728
- Physicians Offices - $6,778,015
- Lawyers Offices - $5,318,230
- Engineering Services - $5,150,000
- Land Subdivision - $5,150,000
- Trucking - $5,009,943
- Limited-Service Restaurants - $4,780,475
- Electrical Contractors - $4,760,550
- Dentists Offices - $3,996,528
- 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."
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