Michigan got $ 24 billion in P3s – here’s who gets the most


Small businesses have been hit hard by the pandemic, and the paycheck protection program has been critical in keeping many people afloat, according to business leaders.

Of all the government assistance programs that aimed to help businesses survive the pandemic, PPP forgivable loans were – by far – the best, said Brian Calley, president of the Small Business Association of Michigan.

“It was a lifeline for a lot of businesses,” Calley said. “While no program is perfect… they invented a whole new program amid the worst part of the pandemic and deployed resources that have made a huge difference.”

Now, as the program draws to a close, leaders are reflecting on its impact.

The federally-funded PPP began just weeks after the onset of the pandemic and received a second round of funding in 2021. Michigan businesses have benefited.

Nationally, companies have received nearly 12 million P3 loans totaling nearly $ 800 billion. Michigan companies accounted for about 300,000 loans worth more than $ 24 billion, according to federal data.

In a SBAM survey of 617 Michigan small businesses, 91% received P3 money. No other form of government assistance was used by more than 31% of respondents.

While other programs limited the number of companies that would receive cash or offer smaller amounts of pulp, PPP was so successful because it was widely available and offered a lot of money – until to $ 10 million in the first round and $ 2 million in the second round.

“For small businesses, I don’t think anything comes close to (PPP),” Calley said.

Only 21 Michigan companies got the maximum amount of $ 10 million.

The list includes franchise owner Taco Bell Sundance Inc., media publisher Crain Communications and TSFR (Team Schostak Family Restaurants) Apple Venture – which owns dozens of Applebee’s restaurants in Michigan.

The vast majority of loans were for less than $ 150,000, but most of the money given was in the form of loans of $ 150,000 and over. Here is the Michigan breakdown:

  • Loans $ 150,000 and less: 272,247 loans totaling $ 7.9 billion
  • Loans $ 150,000 and over: 29,845 loans totaling $ 16.4 billion

Here are all of the Michigan businesses that received loans of $ 150,000 or more, sorted by those that received the most. (Can’t see the graph? Click here.)

In the first round, only companies with 500 or fewer employees could get the money. The second round was limited to companies with 300 employees or less. In most cases, a business could get a loan 2.5 times more than its average monthly payroll.

Most of the money had to be spent on salaries and other qualifying expenses for the loan to be canceled – and the employer had to maintain employees’ wages. Most companies got most or all of the loan canceled, although Calley said some treated the money like a standard loan, spending the money on other needs with repayment plans.

PPP stopped accepting applications at the end of May, although not all companies have yet received the money they were approved for, Calley said.

In industries less affected – like construction and manufacturing – the money may have wiped out any losses from the pandemic, Calley said. For others, such as in the hospitality industry, this only covered part of the losses.

But Michigan’s post-pandemic rebound looks a lot more promising anyway because of the program, Calley said. About 72% of business owners are optimistic about their long-term survival, while 14% are pessimistic about their success, according to the June SBAM survey.

“Without it it would have been catastrophic,” Calley said.

Here is the list of companies that have received PPP loans of $ 150,000 or less. (It may take a minute to load because there are over 270,000 entries. Can’t see the graph? Click here.)


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