Evanston PPP Loans: Where The Coronavirus Relief Money Went

EVANSTON, IL — The U.S. Treasury Department and Small Business Administration issued a list of businesses that received approval for more a half-trillion dollars in loans as part of the federal Paycheck Protection Program created as part of the Coronavirus Aid, Relief, and Economic Security, or CARES, Act.

After initially refusing to disclose the data, the agencies relented following lawsuits from media organizations and provided the names of all businesses that borrowed more than $150,000, accounting for about three quarters of the money distributed.

“Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Treasury Secretary Steve Mnuchin said in a statement.

There were 200 Evanston-based businesses approved to receive loans greater than $150,000 among the nearly 5 million PPP loans made since April. Those local businesses retained a total of 11,137 jobs as a result of the loans, according to the federal data.

The program was established to offer forgivable loans to small businesses to cover the cost of continuing to keeping workers on the payroll. That has preserved more than 50 million jobs that would otherwise have been eliminated during the COVID-19 pandemic, according to the SBA.

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SBA Administrator Jovita Carranza said the data shows that all types of small businesses benefited from the unprecedented economic relief program.

“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” Carranza said in a release. “In three months, this Administration was able to act quickly to get funding into the hands of those who faced enormous obstacles as a result of the pandemic.”

Mnuchin said the program has provided support to more than 80 percent of all small business in the country.

“We are particularly pleased that 27 percent of the program’s reach in low and moderate income communities which is in proportion to percentage of population in these areas," he said. " The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses."

The release includes business names, addresses, business type, limited demographic data, names of lender, jobs retained and loan amount ranges. Evanston businesses started receiving loans on April 3.

Find below a map showing different colors for different loan sizes followed by a list of Evanston businesses that were approved to receive at least $1 million each.

Two Evanston businesses were approved for loans of between $5 million and $10 million: Vasa Fitness and Zihuatanejo Holdings. Each company reported the money allowed them to save 500 jobs.

Six local companies were approved for loans between $2 million and $5 million: Cardinal Intellectural Property, Halpin, Katalyst Technologies, Lancaster Manor Rehabilitation, OH 6 Hold Co and Rock Gate Capital. (The CEO of Katalyst faces federal fraud charges in connection with his PPP loan applications.)

Twenty five others received loans of $1 million to $2 million, according to the data:

• Acquirent
• Albany Care, Inc.
• American Vintage Home Heating and Air Conditioning, Inc.
• Autobarn Motors Ltd.
• Centurion Service Group
• Chateau Nursing and Rehabilitation Center
• Clerestory Consulting
• Converged Communications Systems
• Enercon
• Foodstuffs
• Garrett-Evangelical Theological Seminary
• Illuminate-HC
• Kensington Place Nursing & Rehabilitation Center
• L2T Media
• Lemont Nursing and Rehabilitation Center
• McGaw YMCA
• Palos Heights Rehabilitation
• Sheridan Village Nursing & Rehabilitation Center
• South Holland Manor HRC
• South Suburban Rehab Center
• St. James Wellness Rehab and Villages
• Symphony of Evanston Healthcare
• The Estates of Hyde Park
• Three Crowns Park
• University Rehabilitation Center of C-U