The Paycheck Protection Program (PPP) provides loans to small businesses affected by the COVID-19 pandemic. Companies with less than 500 employees, sole-proprietorships, independent contractors or self-employed individuals may qualify for these loans, according to Harvard Business School.
A report on the program analyzed by the Peter G. Peterson Foundation found the “distribution of loans across sectors didn’t mirror the distribution of job losses.” It showed restaurants and food service businesses did not receive many loans, despite suffering the highest level of job losses.
A preliminary analysis from the National Bureau of Economic Research suggests the areas most affected by economic disruption did not receive the most loans.
The Paycheck Protection Program ended on May 31, 2021. Existing borrowers may be eligible for loan forgiveness at the discretion of the lender.
| Name of Borrower | Current Approved Amount |
|---|---|
| Air-Way Manufacturing Company | $3,941,077 |
| Olivet College | $1,894,525 |
| Centennial Electric | $679,400 |
| Tooling Concepts, Inc. | $178,457 |
| Olivet Machine Tool Engineering Company | $174,934 |
| Swanson Mechanical Service, LLC | $142,685 |
| Michigan Dairy Technician, LLC | $107,900 |
| Shrontz Trucking, LLC | $98,100 |
| Masterbilt Products Corporation | $42,877 |
| Pakkala Automotive, LLC | $38,900 |
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