Over 1,200 Glenview businesses receive $ 37.2 million in federal P3 loans

Even Glenviews Jackman Park Bear wears a mask. (Photo provided)

Glenview Businesses have collectively received more than $ 37.2 million in Federal Paycheck Protection Program (P3P) funds to help weather the economic crisis caused by the COVID-19 pandemic.

Data from the Small Business Administration published in the Glenview Journal shows that 1,235 businesses received a total of $ 37,224,844 in forgivable loans ranging from just $ 7 to $ 148,365.

Federal data does not reveal the names of companies unless their PPP-grant loan is $ 150,000 or more.

Collectively, Glenview received the fourth highest PPP amount in the Journal & Topics coverage area, behind Arlington Heights Companies ($ 50.3 million), Elk Grove Companies ($ 47.1 million) ($ 37.6 million) and Des Plaines ($ 37.6 million).

The federal government released the funds in two rounds: late March ($ 349 billion) and late April ($ 310 billion) to companies working with their banks to stem the tide of job losses. By the end of May, more than 40 million people nationwide had filed their first unemployment claim since the start of the pandemic.

The program’s first round of loans was widely criticized for favoring large banking institutions, leaving small banks and their small customers in the cold.

The Glenview Chamber of Commerce hosted virtual Zoom sessions, free to chamber members and non-members, called “Ask the Experts” to teach business owners how to navigate the application process and what to do with it. this must be taken into account so that the loans can be canceled.

House manager Betsy Baer said business owners told her the first round was more difficult to get loans than the second round, especially for small businesses.

In order for loans to be canceled, business owners must meet certain criteria to keep employees on the payroll and ensure all appropriate forms are completed. Baer said some companies don’t have accountants and said a session on what to do after a PPP loan is approved was one of the busiest in the series.

One of the first “Ask the Experts” sessions included experts from the Small Business Administration program from the offices of US Representatives Jan Schakowsky (D-9th), Brad Schneider (D-10th) and American Sense Dick Durbin (D-IL) and Tammy Duckworth (D-IL).

Other programs included advice on similar state programs with financial advisor Bob Rounsfull and Glenview development director Jeff Brady.

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