Many mid-Michigan businesses get at least $1 million PPP loan
More than 100 loans worth at least $1 million were awarded to mid-Michigan companies and non-profits
LANSING, Mich. (WILX) - Roughly $175 million in federal loans are coming to mid-Michigan.
The money is part of the Paycheck Protection Program in the federal CARES Act. More than 100 loans worth at least $1 million were awarded to mid-Michigan companies and non-profits.
The goal is to keep people out of the unemployment line.
Olivet College President Steven Corey said he was grateful for the program.
“I think it was the right program at the right time,” Corey said.
Olivet College is getting a $1.9 million loan to help cover payroll. The private college in Eaton County relies on tuition and fees to get through the year.
Corey said they started seeing shortfalls when the college refunded room and board.
"It was the right thing to do when we did go fully remotely," he said.
Corey said without the loan to make up the difference, serious changes would need to happen this fall.
“We would probably have to be laying people off now to be able to prepare for a possible downside,” Corey said.
The college has fewer than 200 employees. The Small Business Administration awarded loans to companies with fewer than 500 employees and loan totals were based on payrolls.
The Michigan Education Association was one of eight mid-Michigan organizations to get more than $5 million.
It got $6.4 million.
“It’s going to help students and families of public school students, keeping our members on the job, advocating for safe learning conditions when school does return,” MEA spokesman David Crim said.
Charities are also recieved federal help.
St. Vincent Catholic Charities received $1.2 million in federal loans to help keep programs like adoptions and foster care ready.
“And then we will have staff in place already trained to carry the case loads,” St. Vincent Catholic Charities spokeswoman Ali Pirich-Busque said.
Lansing Regional Chamber CEO Tim Daman said he's pleased so many different companies were able to get loans.
“A lot of those folks adding up, employing hundreds and hundreds if not thousands of people,” Daman said. “I think we’ve got to keep focused on that.”
The SBA said it is still taking applications since the deadline was extended.
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