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YORKVILLE – More than 400 businesses with a Yorkville address received paycheck protection program, or PPP, loans totaling more than $22 million for financial relief amid the novel coronavirus pandemic, according to recently released U.S. Department of the Treasury data.
The average loan amount given for the more than 370 Yorkville businesses receiving up to $150,000 in PPP loans was $34,167.64, per the treasury data. A total of $12,949,537.10 loaned was purported to retain 1,387 jobs total. The more than 40 businesses receiving more than $150,000 made up a total of more than $9,600,000 loaned.
It's unclear per the data how many of those businesses were in unincorporated areas within Kendall County as opposed to being within city limits.
The Paycheck Protection Program – which is part of the Coronavirus Aid, Relief, and Economic Security, or CARES Act – is meant to provide cash-flow assistance through 100% federally guaranteed loans to small businesses or 501(c)3 nonprofits with fewer than 500 employees who maintain their payroll during the COVID-19 emergency. The program also is meant to help small businesses cover rent, mortgage and utility expenses through the loans. Individuals who operate as sole proprietors, independent contractor or are self-employed would also be eligible for the loans.
Lynn Dubajic, economic development consultant for the city, said she and other economic development officials within Kendall County have been working to push out as much information as they can as first points of contacts for a lot of area businesses. She said she was very pleased to see that a lot of Yorkville businesses received the loans and businesses will just have to see what the next steps for the loan program will entail, especially for loan forgiveness through the program.
Dubajic also said the majority of Yorkville businesses fall into the less-than-500-employees category.
“These are trying times and anything they are eligible for is good for them … to try to obtain,” Dubajic said.
Raging Waves Water Park received between $150,000 and $350,000 that was purported to retain 250 jobs, according to the treasury data. The Heartland School, which is a private preschool, also received between $150,000 and $350,000 and that was purported to retain 29 jobs, per the data.
Boombah, Inc. and Keystrokes Transcription Service, Inc. received between $1 million and $2 million each in PPP loan money. That amount range was purported to retain 109 jobs for Boombah and 123 jobs for Keystrokes Transcription Service, per the data.
There are 737 businesses total within Yorkville city limits, according to city documents. Retail and services businesses make up more than 60% of that total, per city documents.
About 15 businesses in Bristol received PPP loans up to $150,000, with the average loan amount being $41,641. That amounts to a total of $666,257.30 loaned that retained 21 jobs, according to the treasury data.
Two businesses in Bristol – Arrowhead Brick Pavers, Inc. and Brady Construction LLC – received between $150,000 and $350,000 each, per the treasury data. There was no data for how many jobs were retained with that money for Arrowhead Brick Pavers but the loan was purported to retain 23 jobs for Brady Construction, according to the data.
No businesses with Lisbon, Little Rock or Plattville addresses appeared within any PPP loan data from the treasury.