Businesses, nonprofits in the Quad-Cities receive loans under Paycheck Protection Program
DAVENPORT, Iowa (KWQC) - More than 2,500 businesses in the metro Quad-City area received loans of less than $150,000 under the Paycheck Protection Program, according to data released this week by the U.S. Small Business Administration.
The data also shows that at least 519 businesses, which include non-profits, in the metro area received loans of more than $150,000.
The PPP program is intended to blunt the economic damage from the coronavirus epidemic.
“The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country,” Secretary Steven T. Mnuchin said in a media release. “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. The average loan size is approximately $100,000, demonstrating that the program is serving the smallest of businesses,” he continued. “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.”
The disclosure comes amid demands from Democrats for more transparency around the fund established as part of the $2 trillion CARES Act, which President Donald Trump signed this spring.
The data, which was released Monday, includes business names, addresses, North American Industry Classification System (NAICS) codes, zip codes, business type, demographic data, non-profit information, name of lender, jobs supported, and loan amount ranges.
Nearly 75 percent of the loan dollars approved ranges from $150,000 to $10 million, according to the SBA.
The SBA does not release the names of businesses that received less than $150,000.
According to the data, 58,466 loans totaling nearly $5.1 billion was approved in Iowa.
In Illinois, 202,143 loans totaling nearly $22.5 billion was approved in Illinois.
In the metro Quad-City area:
According to the data, 1,078 businesses in Davenport received loans of less than $150,000, the highest being $149,200. That business, listed as a “corporation,” retained 20 jobs.
250 businesses and nonprofits received loans of $150,000 or more. The organization that received the highest loan, $5 million to $10 million, went to Palmer College Foundation, according to the data.
According to the data, businesses such as Community Health Care Inc., Handicapped Development Center, Estes Company, Rhythm City Casino, Russell Construction and Vera French received loans of between $2 million and $5 million.
According to the data, 503 businesses in Bettendorf received loans of less than $150,000, the highest being $149,800. That business, also listed as a corporation, retained 44 jobs.
Ninety-three businesses were granted loans of $150,000 or more, the highest, between $5 million to $10 million, Ora Orthopedics P.C.
According to the data, 556 businesses in Moline received loans of less than $150,000, the highest being $$149,200. That business, a “subchapter s corporation,” retained 15 jobs.
In Moline, 88 businesses received loans of $150,000 or higher, the highest being HOA Holdings LLC at $5 million to $10 million.
According to the data, 287 businesses in Rock Island received loans of less than $150,000, the highest being $144,600. That business, also a subchapter s corporation, retained 24 jobs.
In Rock Island, 62 loans of $150,000 or more were granted, the largest loan going to Crawford Heating and Cooling Co. and UP Management LLC, both of which received between $2 and $5 million.
According to the data, the business retained 500 jobs.
Businesses also receiving more than $150,000 in Rock Island include the YMCA of the Quad Cities, Jordan Catholic School of Rock Island, and Bent River Brewing.
154 businesses in East Moline received loans, the highest being $144,500. That business, listed as a corporation, retained 21 jobs.
Twenty-six businesses and nonprofits received loans of $150,000 or more, the highest being $2 million to $5 million to the East Moline Glass Company. According to the data, 117 jobs were retained at the business.
TV6 is continuing to dive into the numbers.
Click here to see the full data.
Click here for more information about the program.
TV6 is continuing to dive into the data and will update this story.
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