GRAND RAPIDS, Mich. (WOOD) — The list seems to go on and on — the private companies and nonprofits in West Michigan that lined up for federal small-business loans to boost the economy.
A News 8 review of records released Monday by the federal government shows that 34 companies in Kent County obtained the maximum $5 million to $10 million low-interest loans.
Among the big recipients: builders, a private security company, law firms, medical offices, bar owners and a turkey producer.
The U.S. government identified 650,000 recipients of the biggest of the Paycheck Protection Program loans.
They include 20,000 loans in Michigan.
The smallest loans listed in the report ranged from $150,000 to $350,000; the biggest from $5 million to $10 million.
It was part of a massive effort — more than $521 billion in low-interest loans to boost the economy through the COVID-19 crisis.
The loans charge just 1% interest but can be forgiven if a business mostly uses the money to continue paying workers.
The spreadsheet released by the government identifies not only private companies but nonprofits that got the loans.
In Michigan, nearly 20,000 loans were provided to help with more than 999,000 jobs.
A total of 4,715 loans were granted in all of West Michigan for nearly 237,000 jobs.
More than 2,000 of those loans went to Kent County, totaling up to $2.3 billion — enough to help with 108,000 jobs.
Most went to private companies, but loans also went to nonprofits, including private schools and churches, totaling up to $153 million.
The loans came at a time when the pandemic-fueled unemployment rate hit 22.7% in April in Michigan — the biggest jump ever recorded.