See Which Michigan Businesses Got The Most Money From Federal Bailout Loans

WWJ News
July 06, 2020 - 5:17 pm
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(WWJ/AP) The U.S. Treasury Department has released a list of nearly 20,000 Michigan businesses that got forgivable federal loans of more than $150,000 to preserve jobs amid the COVID-19 pandemic.

The Trump Administration on Monday named more than 700,000 companies nationwide that received funds from the government's small business lending program known as the Paycheck Protection Program, a massive effort intended to support the economy as states shut down in April to slow the spread of the virus. 

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It's a varied list, including names that may ring a bell: Buddy’s Pizza, Big Boy, Zenders, Zingerman’s, Crains Communications, Miller Canfield, the Michigan Education Association; even cultural institutions including the Detroit Institure of Arts and Detroit Symphoney Orchestra.

Jackson-based Orbitform, which is owned by Senate Majority Leader Mike Shirkey, got between $1 million and $2 million, David Eggert of the Associated Press reported. Eggert (@DavidEggert00) noted in a tweet that, unlike 48 other states, Michigan does not require elected officials and candidates to file financial disclosure reports, although some top officials' business ties are known. 

Progress Michigan, the liberal advocacy group, got a PPP loan of between $150,000 and $350,000.

Several other well-known companies including Bells Brewery, Albion College, Interlochen, and even the Archdiocese of Detroit and high-profile attorney Geoffrey Fieger got money, too.  

** CLICK HERE to download a list of Michigan businesses that received more than $150,000 from the program. 

In total, Michigan businesses have been approved to receive nearly $16 billion. There were 121,135 loans.  

The treasury identified just a fraction of the total borrowers, naming only those companies that got more than $150,000. Those firms made up less than 15% of the nearly 5 million small companies that received loans. 

“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,” said Secretary Steven Mnuchin, in a mews release Monday.

"We are particularly pleased that 27% 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.”

Get more information from the US Treasury's  report HERE