8 Geneva Businesses Secure Million-Dollar Coronavirus Loans

GENEVA, IL — Almost 90 Geneva businesses received federal coronavirus-relief loans of at least $150,000, including eight loans worth at least $1 million, according to data from the U.S. Small Business Administration.

More than 600 other businesses in the city received forgivable loans worth less than $150,000 from the Paycheck Protection Program, which was created to support businesses amid the coronavirus pandemic.

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The SBA’s data includes ranges for the amount of each loan over $150,000. In total, 88 Geneva businesses that received a loan worth at least $150,000 split between $26.4 million and $64 million in PPP loans.

The Small Business Administration released a list of 4.9 million businesses that received PPP loans after facing lawsuits from media organizations. Some Geneva businesses began receiving loans as early as April 5.

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"The PPP is providing much-needed relief to millions of American small businesses, supporting more than 51 million jobs and over 80 percent of all small business employees, who are the drivers of economic growth in our country," U.S. Treasure Secretary Steven T. Mnuchin said in the release.
The average loan size is approximately $100,000, according to Mnuchin, "demonstrating that the program is serving the smallest of businesses.

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Of the 88 Geneva businesses that received PPP loans of at least $150,000, 56 are corporations or subchapter S corporations, a business setup that offers the benefits of incorporation without some of the tax burden, according to Investopedia. These 56 businesses employ nearly 2,000 people, federal data shows.

The 738 Geneva businesses that received PPP loans from the federal government employ more than 7,200 people, according to the data.

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North Aurora's Oberweis Dairy, chaired by millionaire state senator and congressional candidate Jim Oberweis, was one of 255 businesses in Illinois to receive a loan between $5 million and $10 million, the largest available under the Paycheck Protection Program. More than 202,000 businesses in the state have received PPP loans, the data shows.

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If PPP loans are used as intended — to cover payroll costs, health care benefits, rent/mortgage payments, utilities or interest — the federal government will forgive the loans. If the funds are misused, however, the Small Business Administration will force businesses to repay the portion of funds they misused. No company can receive more than one PPP loan.

Below is a list of Geneva businesses that received at least $1 million in loans.

Geneva businesses/nonprofits receiving $1 million to $2 million loans:
Industrial Hard Chrome, Ltd.
Olon Industries Inc. (US)
Shodeen Group LLC
Northern Illinois Food Bank
Continental Envelope

Geneva businesses receiving $2 million to $5 million loans:
Fona International Inc.
Marklund Children's Home
Fox Valley Orthopaedic Associates, S.C.