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Sunday, August 9, 2020

$39.75 Million in PPP funding approved for businesses in Iroquois County

The majority of PPP funding went into agriculture, healthcare, transportation-related organizations.

To view Kankakee County’s PPP data, click here.

Iroquois County was one of the many communities with businesses that began applying for the Paycheck Protection Program (PPP) in early April.  Since that time, nearly 40 businesses in Iroquois County have been approved for funding.

database of the loans was published by the Small Business Administration (SBA) on July 6th.  The data includes all   Paycheck Protection Program (PPP) loans worth $150,000 or more.  Over 4.8 million loans were given of the $521 billion dollars by the program.  For loans worth less than $150,000, the SBA anonymized the data by state. 

“SBA is maintaining a balance between providing transparency to American taxpayers and protecting small businesses’ confidential business information, such as payroll, and personally identifiable information. The public PPP data includes only active loans.” The SBA said in a statement released with the data earlier this month.

As of Tuesday, over $120 billion dollars left in federal funding available, now extended through August 8th. Individual funding received published by the SBA ranged from $150,000 to over $5 million dollars for companies locally.

The PPP has been criticized by some as a program sold to Americans to save small business workers and instead, becoming grants to big businesses due to fulfilling basic requirements. Requirements for employers to be exempt from paying back loans include paying their employees, paying their rent, and paying basic utilities with the funding.

In Iroquois County, the average business receiving a loan had 50 employees.  Businesses receiving loans had as few as six employees and as many as over four-hundred.  In total, 39 businesses received funding made publically available which businesses claim directly affected 2,157 employees.  Businesses eligible to receive loans were offered upwards of $39.75 million in the Iroquois County area.

According to the data released by the SBA earlier this month, PPP dollars in the community primarily went into agriculture, healthcare, and transportation fields. Among notes of interest from the distributed dollars to date include:

  • Agriculture (AG) related businesses and Long-term care agencies (LTC) lead the way in funds received with 8.45 million going to AG and 7.35 million going to LTC in Iroquois County for continued operations.
  • No churches received funding with one faith-based business receiving funds from the program.
  • No media entities based in Iroquois County received funding.
  • Three different loans were given out in excess of $2M-$5M dollars to businesses in the area.

Essential businesses still operating during the COVID-19 pandemic were also eligible for funding under the PPP program. 

Businesses approved for PPP loans in Iroquois County (Current as of July 7th)

Agriculture (Farming, Farming Equipment Dealers)

Chebanse AG INC received a loan financed Compeer Financial, ACA ranging $150K-$350K on April 9th.  The organization reports 24 employees.

Donovan Farmers Cooperative Elevator, INC received a loan financed CoBank ACB ranging $150K-$350K on April 27th.  The organization reported 35 employees.

Heritage FS INC received a loan financed Midland States Bank ranging from $2M-$5M on April 9th.  The organization reports 183 employees.

Illinois Grain & Seed, INC received a loan financed Fredrick Community Bank ranging $350K-$1M on April 7th.  The organization reported 34 employees.

McCullough Implement Co received a loan financed First Trust and Savings Bank of Watseka ranging from $150K-$350K on April 5th. The organization reports 21 employees.

MOWREY AUCTION CO received a loan financed INB, National Assocation ranging $150K-$350K on April 9th. The organization reported 23 employees.

PROHARVEST SEEDS INC received a loan financed First Trust and Savings Bank of Watseka ranging $150K-$350K on April 10th.  The organization reported 17 employees.

Ravens Livestock and Farms, INC received a loan financed First Farmers Bank & Trust Co. ranging $150K-$350K on April 13th.  The organization reported 17 employees.

Tri-Central CO-OP received a loan financed First Trust Bank of Illinois ranging $150K-$350K on April 13th.  Employee data was not available.

Automotive

D&D NAPA, INC received a loan financed by Prospect Bank ranging $350K-$1M on April 10th.  The organization reported 118 employees.

Dralle Chevrolet Buick GMC and Cadillac Inc received a loan financed by First Trust and Savings Bank of Watseka ranging from $150K-$350K on April 5th.  The organization reports 26 employees.

Watseka Ford Lincoln INC received a loan financed by First Trust and Savings Bank of Watseka ranging from $350K-$1M on April 5th.  The organization reports 45 employees.

Construction

Iroquois Paving Corporation received a loan financed Midland States Bank ranging from $1M-$2M on April 9th.  The organization reported 66 employees.

LEECO Construction INC received a loan financed State Bank of Davis ranging $150K-$350K on April 16th.  The organization reports 11 employees.

Midstate Spring Tite INC received a loan financed State Bank of Davis ranging $150K-$350K on April 16th.  The organization reports 8 employees.

Rabideau Grain & Lumber INC received a loan financed First Trust and Savings Bank of Watseka ranging $150K-$350K on April 10th.  The organization reports 10 employees.

Communications

PROCOMM, INC received a loan financed State Bank of Herscher ranging $150K-$350K on April 7th.  The organization reports 30 employees.

Healthcare

Heritage Woods Of Watseka (DSI Watseka Operator LLC) received a loan financed Peoples National Bank, National Association ranging from $150K-$350K on April 9th.  The organization reports 32 employees.

Iroquois Mental Health Center received a loan financed First Trust and Savings Bank of Watseka ranging from $350K-$1M on April 9th.  The organization reports 37 employees.

The Iroquois Memorial Hospital & Resident Home received a loan financed by Iroquois Federal Savings & Loan Association ranging from $2M-$5M on April 4th.  The organization reports 250 employees.

Lutheran Home for Aged Development Corporation received a loan financed Midwest Bank ranging $1M-$2M on April 8th.  The organization reported 195 employees.

Rose Orthodontics P.C. received a loan financed First Trust and Savings Bank of Watseka ranging from $150K-$350K on April 7th.  The organization reports 20 employees.

Office, Various

Knapp Funeral Homes INC received a loan financed Longview Bank ranging from $150K-$350K on April 13th.  The organization reports 19 employees.

McMillian Insurance Services, INC received a loan financed Federated Bank ranging from $150K-$350K on April 9th.  The organization reports 23 employees.

Steffen Agency, LTD received a loan financed First State Bank of Forrest ranging $350K-$1M on April 13th.  The organization reported 47 employees.

Restaurants

JJJ Restaurant, LLC received a loan financed Commerce Bank ranging from $150K-$350K on April 11th.  The organization reports 44 employees.

Pizza Resources Corporation received a loan financed by Iroquois Federal Savings and Loan Association ranging from $150K-350k on April 6th.  The organization reports 86 employees.

Manufacturing

KSI Conveyors INC received a loan financed Fredrick Community Bank ranging $1M-$2M on April 7th.  The organization reported 83 employees.

INCOBRASA Industries, LTD received a loan financed Busey Bank ranging $1M-$2M on April 12th.  No employee data was available.

Meats Plus, INC received a loan financed Hickory Point Bank and Trust ranging $150k-$350k on April 6th.  The organization reported 26 employees.

T&D Metal Products, LLC received a loan financed Prospect Bank ranging from $1M-$2M on April 10th.  The organization reports 160 employees.

Transportation

A.N. Webber INC received a loan financed Midland States Bank ranging from $2M-$5M on April 9th.  The organization reports 205 employees.

C&L Trucking and Maintenance, LLC received a loan financed by Cross River Bank ranging from $150K-$350K on April 12th.  The organization reports 30 employees.

Gray Transportation, INC received a loan financed First Trust Bank of Illinois ranging $150-$350k on April 14th.  The organization reports 14 employees.

K&H Truck Plaza, INC received a loan financed Federated Bank ranging from $350K-$1M on April 7th.  The organization reports 55 employees.

Ken’s Truck Repair, INC received a loan financed Peoples Bank of Iroquois County ranging from $150K-$350K on April 5th.  The organization reports 22 employees.

Lee Trucking received a loan financed Federated Bank ranging from $150K-$350K on June 2nd.  The organization reported 15 employees.

Various, Uncategorized

Grif Corp. received a loan financed by Iroquois Federal Savings and Loan Association ranging from $150K-$350K on April 6th.  The organization reported 118 employees.

LEECO Consultants INC received a loan financed State Bank of Davis ranging $150K-$350K on May 4th.  The organization reports 8 employees.

This data has been checked by Country Herald Staff, it may contain an error. If you find a data error, please report it here.

Sources: Small Business Administration, North American Industry Classification System, US Census Bureau, Internal Revenue Service, Bureau of Labor Statistics

Shane Saathoff
Shane Saathoffhttp://www.SocialSnowball.com
An active writer for two decades, Shane's focuses on local news and events throughout the area, Shane is an active historian, science nerd, and tech geek. Shane is a native of Bourbonnais, IL, and alumni of Olivet Nazarene University.

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