Springfield Business Journal_2020-07-27

Who received PPP funding? More than 650 federal loans in excess of $150,000 were dispersed to Springfield businesses by early July by Kathryn Hardison · khardison@sbj.net The U.S. Small Business Administration has injected the local economy with somewhere between $248 mil- lion and $600 million by way of the federal Paycheck Protection Program. That’s through the 657 loans of at least $150,000 apiece dispersed by July 6 to Springfield businesses. The SBA released its data in early July in an effort to increase transparency of the program, which had ap- proved nearly 5 million loans nationwide by July 22 for companies seeking financial relief during the corona- virus pandemic. Exact amounts of the loans were not disclosed. Roughly $131 billion is still up for grabs, and busi- nesses have until Aug. 8 to apply for the funding, ac- cording to the SBA website. The funding, which is intended to cover payroll costs, rent and utility payments, has been a lifeline for many businesses communitywide amid the COVID-19 pan- demic. According to results from the April Economic Growth Survey by Springfield Business Journal, half of area businesses that participated ap- plied for the PPP loan. SBA data show hundreds of mil- lions of dollars given to Spring- field businesses was used to save more than 32,000 jobs amid the COVID-19 pan- demic as of July 6. Locally, the industry awarded the most loans was one of the hardest hit: restaurants. Nearly 60 restau- rant operators received PPP mon- ey by July 6, equaling between $28.2 million and $65.3 mil- lion. Recipients include Mexi- can Villa Food Products Inc., Village Inn Pancake House of Springfield LLC and Aviary Cafe and Cre- perie LLC, according to the SBA. Officials with the southwest chapter of the Missouri Restaurant Asso- ciation could not be reached for comment by press time on the industry’s use of PPP funding. A nationwide survey by the National Restaurant Asso- ciation found 4 in 10 restaurants closed amid COVID-19, while 2 out of 3 restaurant employees lost their jobs. $2.00 · SBJ.NET JULY 27-AUG. 2, 2020 · VOL. 41, NO. 1 ECONOMIC IMPACT AWARDS P R E S E N T I N G S P O N S O R 2 0 2 0 H A R O L D B E N G S C H L I F E T I M E A C H I E V E M E N T I N B U S I N E S S Restaurants 57 companies $28.2M-$65.3M in loans Examples: Hamra Enterprises; Mexican Villa Food Products Inc.; Leonard’s SNS Inc. Law Offices 16 companies $4M-$9.8M in loans Examples: Parmele Law Firm; Aaron Sachs & Associates; Neale & Newman LLP Dentistry 15 companies $2.7M to $7.2M in loans Examples: Access Dental Services LP; Buzzbee Dental Clinic Inc.; Grant Olson DDS PC Plumbing, Heating & Air 14 companies $5.6M to $13.8M in loans Examples: Gold Mechanical Holding Co., Springfield Mechanical Services Inc. Religious Organizations 14 companies $3.1M to $8.1M in loans Examples: Council of Churches of the Ozarks Inc; North Point Church; Catholic Charities of Southern Missouri L o c a l I n d u s t r i e s w i t h t h e m o s t P P P l o a n s More than 650 loans of at least $150,000 were dispersed to Springfield businesses through the Small Business Administration’s Paycheck Protection Program by press time. Local restaurants received the most loans out of any other industry, according to the data. Exact amounts of the loans were not disclosed. AMANDA MILLER Source: Small Business Administration See FUNDING on page 34 Full list of Springfield businesses that received $150,000-$10 million in PPP loans at SBJ.net/ppploans