Coronavirus PPP Loans In Yorkville: Where The Money Went

YORKVILLE, IL — The U.S. Small Business Administration and U.S. Treasury released details of the country's massive Paycheck Protection Program that helped businesses affected by the coronavirus pandemic, including dozens located in Yorkville.

More than 4.9 million loans of more than $150,000 were made to businesses and nonprofit organizations across the country; the total amount for approved loans over that amount was more than $521 billion.

More than 27,000 businesses in Illinois were approved for loans greater than $150,000.

The PPP program and loans over $150,000 have helped support around 1.36 million jobs in Illinois, according to the SBA. Below is a breakdown of the amounts approved in Illinois:

• $5 million to $10 million: 255
• $2 million to $5 million: 1,147
• $1 million to $2 million: 2,558
• $350,000 to $1 million: 8,487
• $150,000 to $300,000: 14,965

The three Yorkville businesses with the largest loan range are as follows:

Boombah, Inc.

• Business type: Corporation
• Loan range: c $1-2 million
• Jobs retained: 109
• Date approved: 4/13/20

Keystrokes Transcription Service, Inc.

• Business type: Corporation
• Loan range: c $1-2 million
• Jobs retained: 123
• Date approved: 5/27/20

Brenart Eye Clinic, LLC

• Business type: LLC
• Loan range: d $350,000-1 million
• Date approved: 4/8/20

Loans to Yorkville business also included churches, pet clinics, retirement homes, schools, and small businesses:

The Heartland School, LLC

• Business type: Limited Liability Company (LLC)
• Loan range: e $150,000-350,000
• Jobs retained: 29
• Date approved: 5/1/20

Parkview Christian Academy, Inc.

• Business type: Non profit organization
• Loan range: e $150,000-350,000
• Date approved: 4/9/20

Countryside Veterinary Clinic

• Business type: Corporation
• Loan range: e $150,000-350,000
• Jobs retained: 29
• Date approved: 4/13/20

Cross Evangelical Lutheran Church, Inc.

• Business type: Non profit organization
• Loan range: e $150,000-350,000
• Date approved: 4/13/20

Raging Waves LLC

• Business Type: LLC
• Loan range: e $150,000-350,000
• Jobs retained: 250
• Date approved: 4/6/20

Loans to Illinois businesses also ran the gamut and included restaurants, food-service companies, the Chicago Zoological Society, museums, manufacturers, medical facilities, religious charities, Catholic schools, athletic organizations like the IHSA and nursing facilities including Oberweis Dairy, owned by millionaire Republican congressional candidate and state Sen. Jim Oberweis, received a loan of $5-$10 million. Carmel Catholic High School received a $2-$5 million loan, as did Catholic Charities Diocese of Joliet. Hyatt Place O'Hare, part of the hotel chain owned by the Pritzker family, also received a loan of $350,000 to $1 million.

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The loans are made by lending institutions including banks and credit unions and are guaranteed by the SBA. All PPP loans are subject to review by the SBA and all loans over $2 million are automatically reviewed by the SBA.

"Because a borrower is listed in the data as having a PPP loan does not mean that SBA has determined that the borrower complied with program rules or is eligible to receive a PPP loan and loan forgiveness," the SBA said in a statement about the data release.

The average size of a PPP loan is around $107,000 and 86.5 percent of all loans were for less than $150,000, according to the SBA.

PPP loans have an interest rate of one percent and can be fully forgiven if they are used to payroll costs, interest on mortgages, rent and utilities.

Here's a searchable database of Illinois PPP loans over $150,000.