For organizations such as the Decatur Family YMCA, PPP loans came at a time when COVID-19 restrictions had cut their revenue sources to almost nothing. | Stock Photo
For organizations such as the Decatur Family YMCA, PPP loans came at a time when COVID-19 restrictions had cut their revenue sources to almost nothing. | Stock Photo
Approximately 175,000 businesses and organizations in Central Illinois were approved loans under the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), with 1,305 of those receiving over $150,000.
According to NBC affiliate WAND-TV, the SBA recently released a list of those organizations that received potentially forgivable loans in excess of $150,000, including the Decatur Family YMCA.
"It was a huge relief off of me and off of our organization as whole when we got this loan and it kind of helps us get back on better financial footing,” Decatur Family YMCA CEO Matt Whitehead told WAND.
Decatur Family YMCA CEO Matt Whitehead
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In total, there were more than 835,000 businesses across the state that received loans through PPP, WAND reported. In order to be considered for loan forgiveness, the recipient organization or business has to fulfill requirements such as maintaining salary levels and rehiring employees.
Established under the federal CARES Act, PPP began with $660 billion in funds approved for supporting small businesses across the country that have been hurt by the economic crisis related to COVID-19. The money has been distributed in Illinois to a variety of organizations other than commercial, private businesses including churches and religious schools.
For an organization such as the YMCA, which had few revenue sources during periods of strict social distancing, the PPP loan has been critical to staying afloat, Whitehead told WAND. The only source of income left to the YMCA was through childcare, bolstered by what they were able to secure in donations.
"This PPP kind of came out at the right time, and it was the right time for us and it will help us get back on good financial ground," he said.
In addition to other requirements, businesses with 500 or fewer employees had to certify that any PPP loan funds they received would go toward costs such as retaining workers and paying for utilities.
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