3 St. Charles Businesses Secure Million-Dollar Coronavirus Loans

ST. CHARLES, IL — More than a dozen St. Charles businesses received federal coronavirus-relief loans of at least $150,000, including three loans worth at least $1 million, according to data from the U.S. Small Business Administration.

More than 300 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, 17 St. Charles businesses that received a loan worth at least $150,000 split between $8.3 million and $20.8 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 St. Charles businesses began receiving loans as early as April 9.

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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 17 St. Charles businesses that received PPP loans of at least $150,000, 11 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 11 businesses employ nearly 700 people, federal data shows.

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The 303 St. Charles businesses that received PPP loans from the federal government employ more than 2,200 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.

St. Charles businesses that received at least $1 million in loans:
CP Beteiligungs GMBH ($2 million-$5 million loan)
ALE Solutions Inc. ($2 million-$5 million loan)
Lift Works Inc. ($1 million-$2 million loan)

*Company names are listed as they appear in the U.S. Small Business Administration's data.