A Wauconda construction company and a Mettawa business technology firm were among the Lake County operations that received top-tier, forgivable loans of between $5 million and $10 million from the federal government during the COVID-19 crisis, recently released data shows.
Companies with offices in Buffalo Grove, Lincolnshire, Lake Barrington and Mundelein also received between $5 million and $10 million in loans through the Paycheck Protection Program. The effort was overseen by the U.S. Small Business Administration and was designed to help companies with fewer than 500 workers meet payroll obligations.
The low-interest loans are forgivable if the recipients use at least 60% of the funds to cover personnel costs. The threshold originally was 75%.
The SBA released data about the recipients this month, breaking companies into categories by the range of money awarded. The tiers are:
• $5 million to $10 million.
• $2 million to $5 million.
• $1 million to $2 million.
• $350,000 to $1 million.
• $150,000 to $350,000.
Companies that received loans of less than $150,000 were not identified in the data.
Hundreds of Lake County businesses got PPP loans of at least $150,000 — but relatively few landed in the top tier, a Daily Herald analysis showed. Those that did included:
• Berger Excavating Contractors, an earth-moving and underground-utility contractor based in Wauconda.
• Lacosta Facility Support Services, a Wauconda janitorial company.
• International Decorators, a Lake Barrington painting and construction contractor.
• LTD Commodities, a Lincolnshire catalog and online retailer.
• Certified Power Solutions, a hydraulic equipment supplier headquartered in Mundelein.
• Ceannate Corp., a Buffalo Grove company that collects overdue student loan payments.
Impact received a $9.7 million loan in April through the program, said Bryan Beckner, the company’s chief financial officer.
Impact used the money to rehire employees who had been furloughed because of the crisis, Beckner said. The loan also allowed Impact to minimize salary cuts for workers who weren’t laid off, he said.
“The PPP loan allowed us to reinstate salaries and pay back lost wages as well as avoid additional layoffs,” Beckner said.
Statewide, PPP loans went to more than 27,000 businesses and organizations, including the Daily Herald.
Sixty-seven of the companies that borrowed at least $1 million are in Buffalo Grove, more than any other Lake County community. Libertyville had 22 businesses receiving at least $1 million in PPP loans, the data indicated, while Vernon Hills had 17.
• Daily Herald Staff Writer Jake Griffin contributed to this report.