Over 80 Peotone Businesses Receive Paycheck Protection Program Loans from Federal Government

Over 80 businesses in Peotone, Illinois received Federal Paycheck Protection Program loans to help retain 696 jobs, according to records released by the Treasury Deparment and Small Business Administration. 

 Four Peotone businesses--Black Diamond Tube and Pipe, Bult Motors, Dralle Chevrolet and Buick, and Terry's Ford, Lincoln, Mercury of Peotone--received loans between $350,000 and $1,000,000.  

 Five Peotone businesses received between $150,000 and $350,000: American Cylinder Company, Inc., Apolis Transport, Inc., Great Lakes Lifting Solutions, LLC., Hartman Landscape, Inc., and Peter J. March DDS PC.

 78 Peotone Businesses received loans under $150,000.  The Treasury Department did not release names of businesses receiving loans under $150,000.

 Due to President Trump signing legislation extending the Program's application period, the Small Business Administration reports the new deadline to apply for Paycheck Protection Program loans is August 8, 2020. 

 According to the Small Business Administration: "The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. Click here to read more about PPP loan forgiveness."

 To view data for all Illinois businesses, go here. 

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