15 county businesses each receive more than $1M in PPP
More than a dozen Butler County businesses received more than $1 million in the second round of Paycheck Protection Program loans issued in 2021.
A total of 15 local businesses, reporting more than 2,000 employees, received between $1 million and $2 million in the second wave of the federal Small Business Administration's landmark paycheck protection program.
In sum, 162 county businesses received at least $150,000 in second-round PPP loans.
Of the five businesses that received the maximum $2 million loan, four were identified by the SBA as manufacturing companies, with the fifth identified as a construction company. The five businesses reported a sum of 982 employees. The remaining 10 companies, which received between $1.01 million and $1.99 million, were a mishmash of industries, varying from school transportation and a dentist to limestone mining and a beauty salon.
Jordan Grady, Butler County Chamber of Commerce executive director, said the number of Butler businesses that applied for and received the loans shows the necessity of the program's renewal.
“I think when the program was re-funded by the federal government, it provided another lifeline to the businesses who definitely needed it due to this downturn,” Grady said. “I think the PPP was put together quickly in 2020, and you have to give credit where credit's due: The federal government worked to tailor that program as they replenished the funds, and it became a pretty smooth process in terms of applying, approval and receiving your funds.”
From the data Grady has seen, he said it's likely more than 90% of the businesses that received a second-round PPP loan will have their loans forgiven. Like the first round, PPP loans are forgiven by the federal government when at least 60% of proceeds are spent on payroll costs, the loan proceeds are spent on payroll and other eligible expenses, and employee and compensation levels are maintained.
While fewer businesses shuttered their doors in 2021 than when the state forced a shutdown of most industries in 2020, Grady said it is virtually certain the program helped keep many employees on payroll and companies solvent.
“For a lot of organizations that applied and received those funds, that was the difference between keeping their workforce intact and not, and keeping their doors open as well,” he said.
Additionally, Grady said the PPP was likely the most effective of any small-business intervention during the pandemic, calling it “a really nice example of the government and the banking world working together to save these organizations.”
“When you factor in everyone that received a PPP loan, that saved how many jobs and kept how many businesses' doors open during the worst economic downturn any of us have ever seen; that program was essential and it really helped a lot of organizations continue their operations,” he said.
The following Butler County businesses received Paycheck Protection Program loans of $1 million or more in the 2021 round of loans:Ironwood Industrial Inc., Adams Township, $2 millionBronder Technical Services Inc., Franklin Township, $2 millionAGR International Inc., Butler Township, $2 millionRobinson Fans Holdings Inc., Zelienople, $2 millionXPER Inc., Middlesex Township, $2 millionABC Transit Inc., Buffalo Township, $2 millionHighway Equipment Co., Jackson Township, $1.92 millionKeystone Clippers, Adams Township, $1.32 millionNew Berry Inc., Jackson Township, $1.27 millionAmerikohl Aggregates Inc., Butler Township, $1.23 millionVocational Services Co., Butler, $1.22 millionFrank J. Zottola Construction Inc., Penn Township, $1.22 millionJadco Manufacturing Inc., Jackson Township, $1.2 millionHey Electric Co. L.P., Butler Township, $1.19 millionDental Systems Inc., Butler, $1.01 million
