Dozens of Mount Clemens companies secure federal loans

By: Alex Szwarc | Mount Clemens - Clinton - Harrison Journal | Published July 24, 2020

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MOUNT CLEMENS — Earlier this month, the U.S. Treasury Department released which Michigan companies were approved for loans of more than $150,000 from the Paycheck Protection Program, started by the federal government to help keep small businesses open during the COVID-19 pandemic.

In Mount Clemens, 44 companies made the list.

There were 19,970 Michigan entries on the list provided by the Treasury Department. The spreadsheet detailed the loan range, which business received it, and how many jobs were retained, among other information.

A pair of businesses with a Mount Clemens address — Masonry Solutions Midwest and SVS Vision — received a loan in the $5 million-$10 million range.

Concord Tool and Manufacturing, with 206 employees retained, was granted a $2 million-$5 million loan.  

Several local businesses were awarded in the $1 million-$2 million range, and a dozen more fell into the $350,000-$1 million loan range. The range that was awarded to the most local businesses was for $150,000-$350,000.

The PPP, established by the CARES Act, is implemented by the Small Business Administration, with support from the U.S. Treasury Department. The program provides small businesses with funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

The PPP prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations; veterans organizations; and tribal businesses described in the Small Business Act — as well as individuals who are self-employed or are independent contractors — are eligible if they also meet program size standards.

A July 6 PPP report indicates that over 4.8 million loans have been distributed, amounting to over $521 billion.

The report factors loan approvals through June 30.

Nearly 68% of loans are for under $50,000, with the average loan size being approximately $107,000.

Michigan has had $16 billion in PPP approved, ranking it ninth in the country for highest amount of approved loans.

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