Who got the most PPP money in Fox Valley: Oberweis Dairy, more
Which Fox Valley businesses received the most money when the federal government created the Paycheck Protection Program this spring?
Of the more than 1,500 businesses that collected at least $150,000 in loans in towns that the Daily Herald covers in Kane County, plus parts of DuPage, Cook and McHenry counties, 10 received $5 million to $10 million, the top tier, U.S. Small Business Administration data show.
They are: Andy Frain Services, Engineering Systems Inc. and Magnetrol International Holding, all on the DuPage side of Aurora; Electric Conduit Construction Co. of Elburn; Lending Solutions Inc. and MKD Electric Inc. on the Kane County side of Elgin; Scurto Cement Construction of Gilberts; Reliable Staffing Services of Lake in the Hills; Oberweis Dairy of North Aurora; and BMD Corp. of South Elgin.
State Sen. Jim Oberweis is the chairman of Oberweis Dairy. He is running for Congress in the 14th District, against Rep. Lauren Underwood.
The Paycheck Protection Program was approved by Congress this spring as a way to decrease the pandemic's impact on the economy, and the loans become forgivable, in whole or in part, if the employers refrain from cutting jobs.
In other words, for most of the businesses, the money turns into a federal grant, financed by U.S. taxpayers.
The Daily Herald's list does not include Oswego and Montgomery, two towns in southern Kane County.
Rich Harvest Farms Inc., the exclusive members-only golf course in Sugar Grove, sought a loan of $350,000 to $1 million. The course is owned by Jerry Rich, who had made his fortune in developing wares for computerized stock-trading in the 1970s. He designed the course himself, which Golf Digest once called one of the Top 100 courses.
At least 27 churches and parochial schools applied for loans of at least $150,000. They include 11 Roman Catholic parishes and three Roman Catholic high schools. Immanuel Lutheran Church in Batavia and Immanuel Lutheran Church in East Dundee - both of which also operate elementary schools - also received loans.
Aurora-based The Association for Individual Development, which provides aid for people with disabilities, sought $2 million to $5 million. Anderson Animal Shelter, with a headquarters in South Elgin, sought $350,000 to $1 million, as did the Three Fires Council of the Boy Scouts of America, based in St. Charles.
The federal government did not announce specific loan amounts, just ranges.