More than 8,000 businesses, nonprofits, and religious groups and organizations in the Greater Akron area have been approved for millions of dollars in taxpayer-funded coronavirus loans through the new federal Paycheck Protection Program.
An Akron Beacon Journal/USA TODAY NETWORK Ohio analysis of the taxpayer loans shows primarily private businesses and organizations in Northeast Ohio were approved for the largest loans, which top out at $10 million.
The loan program is intended to preserve jobs during the COVID-19 pandemic, and Congress allowed religious groups, including schools, to apply. Taxpayers will pay the loans if applicants properly use the money on jobs, meaning the loans essentially become taxpayer grants.
Among local religious-affiliated groups and organizations approved for PPP loans are Christian Health Care Ministries in Barberton, $2 million to $5 million; Archbishop Hoban High School in Akron, $1 million to $2 million; The Chapel in Akron, $1 million to $2 million; St. Vincent-St. Mary High School in Akron, $1 million to $2 million; Cuyahoga Valley Christian Academy in Cuyahoga Falls, $1 million to $2 million; Walsh Jesuit High School in Cuyahoga Falls, $1 million to $2 million; and Ernest Angley’s Grace Cathedral Inc. in Cuyahoga Falls, $350,000 to $1 million.
The Jewish Community Center of Akron was approved for a loan between $350,000 to $1 million.
The Small Business Administration, which administers and guarantees the PPP loans that will be provided by traditional lenders, did not share specific amounts that applicants received. The federal government on Monday released a list of approved applicants. Media outlets are suing to get specific dollar amounts.
Of 8,310 businesses and organizations that are getting PPP loans in the Akron area (based on ZIP code), the largest concentrations are in:
• Akron, 2,827
• North Canton, 723
• Cuyahoga Falls, 574
• Hudson, 542
• Stow, 448
The following 11 businesses were approved for the largest loan amounts, ranging between $5 million to $10 million: Americhem Inc., Cuyahoga Falls; Fortec Medical Inc., Hudson; Great Day Improvements LLC, Macedonia; J. Rayl Transport Inc., Akron; National Machine Co., Cuyahoga Falls; North Coast Pizza, Stow; Pepperl & Fuchs Inc., Twinsburg; Roetzel & Andress, Akron; The Schroer Group Inc., North Canton; The Smithers Group, Akron; and Thompson Electric Inc., Munroe Falls.
Nonprofits, some well-known, also were granted PPP loans.
• $2 million to $5 million, The YMCA of Akron.
• $1 million to $2 million: Akron Zoological Park, Akron; Girl Scouts of Northeast Ohio, Macedonia;
• $350,000 to $1 million: Akron Art Museum, Akron; Akron-Canton Regional Foodbank, Akron; Battered Women’s Shelter, Akron; Great Trail Council of the Boy Scouts of America, Stow; Stan Hywet Hall & Gardens, Akron; United Way of Summit County, Akron;
• $150,000 to $350,000: East Akron Neighborhood Development Corp., Akron.
The Small Business Administration database shows a wide range of for-profit businesses received loan approvals.
They include car dealerships, funeral homes, legal and accounting firms, doughnut makers, craft breweries, restaurants and restaurant groups, machine shops, construction companies and many others.
Akron Beacon Journal reporter Doug Livingston and the Cincinnati Enquirer contributed to this story. Jim Mackinnon covers business. He can be reached at 330-996-3544 or firstname.lastname@example.org. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ