Where $ 947 million in PPP loans flowed into Greater Lansing
LANSING – In 14 months, $ 947 million came to Greater Lansing from the state paycheck protection program, which aimed to take the pressure off businesses during the COVID-19 pandemic.
The federal government has lent 9,482 companies in Ingham, Eaton and Clinton counties through private lenders, according to a State Journal analysis of US Small Business Administration data. These loans secured 111,631 jobs, according to SBA data.
The information in the SBA data was entered by the companies that received the loans and includes loans granted during two rounds of the program.
More:Who Got Paycheck Protection Loans?
How Greater Lansing benefited from PPP:
- 6,255 Ingham County companies received $ 665.3 million in loans and created 76,885 jobs
- 2,171 Eaton County companies received $ 194.5 million in loans and 23,908 jobs
- 1,056 Clinton County companies received $ 87 million in loans and created 10,838 jobs
What is PPP?
The program was launched in March 2020 in the first months of the COVID-19 pandemic as part of the Coronavirus Relief, Relief and Economic Security Act. The program was re-approved and there was a second round of PPP loans that opened in January 2021.
PPP was developed to cover payroll, mortgage or rent payments, utility or worker protection costs for COVID-19, according to the SBA.
More:Ingham County, LEAP offers $ 11 million in business aid
These eligible companies included small businesses, certain non-profit organizations, accommodation and hospitality companies, as well as sole proprietorships, independent contractors or self-employed people, according to the SBA.
The PPP ended on May 31, 2021.
Who Has the Biggest Loans?
According to the data, the top five loan recipients in Ingham, Eaton, and Clinton counties received a total of $ 63.4 million in loans and received 4,443 jobs.
- Lansing, Michigan, Inc. Lansing Workforce: $ 9 million, 500 jobs saved
- Michigan Education Association, East Lansing: $ 6.4 million, 285 jobs saved
- Michigan Education Special Services Association, East Lansing: $ 6.1 million, 275 jobs preserved
- TechSmith Corp. in Okemos: $ 6 million, 291 jobs saved
- CentralStar Cooperative, Lansing: $ 5.4 million, 371 jobs saved
More:These companies in the Lansing area received at least $ 1 million in PPP loans
- Eaton Rapids Medical Center: Maintained $ 5 million in 2020 and 2021 rounds, 250 jobs in 2020, and 282 jobs in 2021
- Air-Way Manufacturing Co., Olivet: $ 3.9 million, 387 jobs saved
- Linn Products Inc., Charlotte: $ 3 million, 306 jobs saved
- Maner Costerisan & Ellis PC in Lansing: $ 2.7 million, 136 jobs saved
- ET MacKenzie Co., Grand Ledge: $ 2.6 million, 171 jobs saved
- COG Marketers Limited in St. Johns: $ 4.3 million in rounds 2020 and 2021, 126 jobs in 2020 and 130 jobs in 2021 preserved
- Quest Solutions, St. Johns: $ 3.4 million, 416 jobs saved
- Bellefeuil, Szur and Associates, Bath Township: $ 2.8 million, 179 jobs saved
- Michigan Crossroads Council, Boy Scouts of America in Eagle Township: $ 1.4 million, 150 jobs saved
- Dent Enterprises Inc. of DeWitt: $ 1.3 million, 188 jobs preserved
How have minority companies owned by women developed?
The SBA said that data on minority or women owned companies is limited as many of the companies that received the loans did not report their status. In Greater Lansing, 80% of loan recipients did not give a race and 76% did not give a race, according to the data.
Many different companies have received government support through PPP:
- 591 owned by Blacks or African Americans
- 125 Hispanic or Latino owners
- 116 Asian property
- 21 owned by Native American or Native American people
- 3 Native Hawaiian or other Pacific Islander owned
- 76 Black or African American property
- 30 Hispanic or Latino owners
- 22 in Asian ownership
- 12 owned by Native American or Native American people
- 11 Hispanic or Latino owners
- 10 owned by Blacks or African Americans
- 9 in Asian ownership
- 4 owned by Native American or Native American people
According to the data, PPP loans went to 935 women-run businesses in Ingham County, 280 in Eaton County, and 108 in Clinton County.
Contact reporter Craig Lyons at 517-377-1047 or [email protected] Follow him on Twitter @craigalyons.