With generous terms and at a time of unprecedented panic as the COVID-19 pandemic shutdowns crippled the economy, 202,157 Illinois employers received federal Paycheck Protection Program forgivable loans.
From Atlas Financial Holdings — incorporated in the Cayman Islands with its “principal executive offices” in Schaumburg — to the Joffrey Ballet to Kivvit, the public affairs firm, to Motor Werks of Barrington, Inc., all kinds of Illinois companies, museums, schools, religious-based organizations and nonprofits took out the loans.
There was little incentive not to apply, since the loans don’t have to be repaid if used to meet payrolls, retain workers and cover some overhead. The loan amounts were based on the number of employees. Employers had to certify on the PPP application that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
For loans under $150,000, the top ZIP codes in Illinois include 60010, around Barrington, with $43.7 million.
Automotive: $5 million to $10 million — Patrick Schaumburg Automobiles, 130 jobs; Motor Werks of Barrington, 346 workers.
Read more from the Sun*Times here.
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