PPP Loans: How Much Have Your Local Ohio Businesses Received?
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COLUMBUS, Ohio (WCMH) – Nearly 150,000 Ohio businesses and nonprofits have received loans from the federal government’s Paycheck Protection Program, designed to lessen the financial blow from the coronavirus pandemic.
The US Small Business Administration granted 147,867 loans to Ohio businesses between April 3 and August 8, according to the latest data released this month as part of a court order.
This is the second data release from the SBA. The first release, in July, represented loans granted until June 9. However, the December data also includes specific amounts given to companies, rather than just ranges. Another novelty is that companies with loans of less than $ 150,000 are no longer anonymous.
Loans in Ohio ranged from $ 100 million to $ 10 million. Thirty-three companies – mostly large corporations – have secured $ 10 million in loans, including the Columbus-area White Castle restaurant chain, Anchor Hocking glassworks and Cameron Mitchell restaurants.
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Over a thousand types of businesses across Ohio have received loans, from the Skyline Chile restaurant chain ($ 4.4 million), to the Rock and Roll Hall of Fame and Museum in Cleveland ($ 2.1 million) dollars), the Toledo Mud Hens minor league baseball team ($ 1.6 million).
In total, the federal government has loaned more than $ 18.4 billion to Ohio-based businesses and nonprofits. The types of businesses that received the most loans were restaurants (7,664 loans), religious organizations (3,259), law firms (3,159), dental offices (2,961) and insurance agencies (2,812). 6,847 companies were not classified or their industry column was empty.
Fourteen religious organizations received loans of over $ 1 million. These include churches, regional jurisdictions such as Catholic dioceses and religious schools. The largest loan for a church was $ 3,646,500 for Crossroads Community Church in Cincinnati, while the largest for a church in the Columbus area was $ 1,947,500 for Vineyard Christian Fellowship in Westerville.
Although 32,262 businesses and nonprofits received loans of $ 100,000 or more, including 3,211 businesses with loans over $ 1 million, the majority – over 78% – had loans in the five digits. In fact, over a third of Ohio borrowers have obtained loans under $ 20,000.
Among the information companies had to include in their returns was the number of jobs they felt their loans would save. Those numbers ranged from zero to 500 jobs, of which 154 said they could each support. 7,559 companies (5%) reported no jobs saved and another 10,190 (7%) left the column blank.
Of the companies that reported supporting 500 jobs with their loans, most are large companies like Sbarro Restaurants in Columbus, Frisch’s Restaurants in Cincinnati, and Schwebel Baking Company in Youngstown.
In total, Ohio businesses and nonprofits said they had saved 1,894,404 jobs through P3 loans. This represents nearly 35% of the 5,441,767 people employed in Ohio in March, the last full month before the approval of the first PPP loans, according to the United States Bureau of Labor Statistics.
However, some companies’ employment figures are likely to be wrong. For example, 11 Ohio companies reported supporting 500 jobs with loans of $ 100,000 or less, including Newark’s paving contractor Triple H Enterprises, Domenic’s Pub in Cuyahoga Falls, and the Suite Serenity hair salon in Port Clinton.
US Treasury Department and SBA officials Recount The Washington Post companies self-reported their job numbers and industry classifications, resulting in occasional discrepancies and errors.
The paycheck protection program was part of the $ 2,000 billion CARES law passed by Congress and signed by President Donald Trump on March 27.
December’s massive data dump comes from a court case in which news outlets, including The Washington Post, The New York Times, The Wall Street Journal, Bloomberg and ProPublica sued the SBA for more open information.
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