July 10, 2020

Paycheck Protection Program Impact

Earlier this week the Small Business Administration (SBA) released data on utilization of the popular Paycheck Protection Program (PPP).  This data was broken into two sets: Loans under $150,000 and loans over $150,000.  For smaller loans, the actual loan amount was listed along with information like zip code and industry type.  Larger loans were assigned to buckets (i.e. $1-5 million) but also included zip code and industry data. Both showed “jobs retained” for each loan.

Nearly every zip code in Greater Peoria had at least one business get a loan under $150,000.  In that category there were 4,799 loans totaling $150,103,423.35.  Those loans led to the reported retention of 23,055 jobs. 

Since exact dollar amounts for loans over $150,000 weren’t provided, the grand total cannot be calculated, but the data did show 728 loans in the region that combined to retain 41,802 jobs.  As would be expected since these are larger employers, not all Greater Peoria zip codes were represented.

We would like to thank our local financial institutions for making this happen, including GPEDC investors who were deeply involved in this work: Busey Bank, CEFCU, Commerce Bank, Heartland Bank, Morton Community Bank, and PNC.