By Samah Assad, Chris Tye
CHICAGO (CBS) — A handful of publicly-traded companies headquartered in Illinois were approved for the Paycheck Protection Program (PPP) loan, aimed at helping small businesses keep their workforce during the coronavirus pandemic.
Those eligible for the loan with the U.S. Small Business Administration (SBA) are companies with 500 or less employees.
On its website Thursday, the SBA said it couldn’t accept new applications based on available funding. The $349 billion in funds ran out less than two weeks into the program, followed by criticism that many small businesses across the country were unable to secure the loan while other large companies did, an AP report found. Congress and the White House were finalizing a $470 billion deal to replenish the program Monday, CBS News reported.
The U.S. issued new guidelines Thursday, pressuring public companies to return loans they received through the program, CNBC reported.
More than 1.6 million loans worth $342 billion were given across the country at the time of the SBA’s latest report.
For Illinois businesses specifically, nearly $16 billion in PPP loans were approved – the fifth most for any state.
Here are some of the public, Illinois-based companies CBS 2 confirmed are recipients of the PPP loan so far, according to filings with the U.S. Securities and Exchange Commission. Most loans given were all above the national average of $206,000.
Loan: $10 million
Employees: 6,000 nationwide
Although the restaurant and sandwich chain has more than 500 employees, a subsection of the legislation states that some businesses, such as restaurant chains, with 500 employees or less per physical location could also receive the loans. The New York Times reported the provision allowed other big chains to receive millions of dollars in loans while many smaller restaurants did not get approved.
CBS 2 contacted Potbelly for comment.
Loan: $9.5 million
The company specializes in production of wind turbine towers and fabrications for oil and gas, mining and other industrial applications.
In a filing, the company said it did not experience significant impacts from COVID-19 for the first quarter of 2020 due to its operation as an essential business. “However, due to the continuing breadth and severity of the pandemic, our operations, suppliers and customers have been and may continue to be affected,” they said in part, adding “…which would result in a material adverse effect on our business.”
CBS 2 contacted Broadwind Energy for comment.
Loan: $5.4 million
Continental Materials is a manufacturing company that operates primarily in heating, ventilation and air condition, as well as construction products.
Loan: $1.6 million
The telecommunications company sells products for communication service providers, and cell tower and network operators.
Nanophase Technologies Corporation
The company develops, manufactures, sells nanomaterial technologies and produces products for use in the following markets: surface finishing, exterior coatings, personal care, plastics, scratch resistant coatings and textiles.
Acquired Sales Corporation
Headquarters: Lake Forest
Acquired Sales Corporation invests in companies that make cannabinoid-infused products.
This list does not include private companies. The SBA has not released the names of all companies who have received the loan at this time.
This story will be regularly updated as more information becomes available.