Restaurant groups, car dealers among Northwest suburban businesses to get largest PPP loans
Local restaurant groups, a hair salon chain and automobile dealerships were among the Northwest suburban businesses that received top-tier, forgivable federal government loans of $5 million to $10 million through the Paycheck Protection Program, according to recently released records.
U.S. Small Business Administration data show at least 3,000 businesses in Northwest suburbs including Arlington Heights, Wheeling, Schaumburg, Rolling Meadows, Bartlett, Rosemont, South Barrington, Des Plaines, Park Ridge, Mount Prospect and Palatine were approved. The loans range from $150,000 to $10 million.
Approved by Congress in the spring, the Payroll Protection Program is meant to reduce the pandemic's drag on the economy. The low-interest loans are forgivable if the recipients use a minimum of 60% of the funds to cover personnel costs for at least eight weeks during the COVID-19 pandemic.
Schaumburg-based Ala Carte Entertainment and Pinstripes Inc. in Northbrook qualified for loans of $5 million to $10 million, records show.
Ala Carte is the parent company of Moretti's Ristorante and Pizzeria, which has suburban locations in Bartlett, Schaumburg, Barrington, Lake in the Hills, Hoffman Estates, Rosemont and Mount Prospect. Pinstripes has locations in Northbrook, South Barrington, Oak Brook and Chicago, as well as nine out of state.
Motor Werks of Barrington, Patrick Schaumburg Automobiles Inc. and Palatine-based Mario Tricoci Hair Salon & Day Spa also received $5 million to $10 million. Mario Tricoci has 13 Chicago-area locations, including in Arlington Heights, Bloomingdale, Libertyville, Vernon Hills, Schaumburg, Crystal Lake and Oak Brook.
At least 44 top-level loan recipients from the Northwest suburbs were listed in the federal data. Others to receive $5 million to $10 million include Bear Construction Co. in Rolling Meadows, Plote Construction Inc. in Hoffman Estates and Steiner Electric Co. in Elk Grove Village.
Well-known Northwest suburban businesses to receive loans of $1 million to $2 million include the parent company of Bob Chinn's Crab House in Wheeling; Bomark Cleaning Service Corp. in Rosemont owned by Mark Stephens, brother of the Mayor Brad Stephens; and Gold Rush Amusements Inc. in Hoffman Estates. Gold Rush owner Rick Heidner sued the Illinois Gaming Board early this year in a dispute in which he alleges the agency leaked sensitive personal and private financial information about him to federal agencies.
Roughly 27,000 businesses and organizations in Illinois, including the Daily Herald, have received parts of the nearly $660 billion in Payroll Protection Program loans intended for employers with fewer than 500 workers.