Up to $70 MIllion in PPP Loans Helped 322 Saline Businesses Retain 4,247 Jobs

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The Department of Treasury and Small Business Administration released information about the 4.9 million paycheck protection loans issued to help businesses navigate the COVID-19 pandemic. In all, there were more than $521 billion in loans - and much of that amount will be forgiven.

According to documents made public on the SBA's website, 322 businesses in Saline's 48176 zip code were granted PPP loans.

They were grouped in two categories: Over $150,000 and under $150,000. For reasons unclear, the SBA and Treasury revealed the amount of the lower loans down to the last penny but grouped the bigger loans in categories. SBA and Treasury also revealed the recipients of the larger loans.1,525

In the "Under $150,000" category, there were 276 loans for a total of $10,542,479.36, averaging $38,197.39 per loan. Those loans were taken to retain 1,524 jobs.

The vague information about the greater loans makes them harder to assess. There were 46 loans granted:

  • 24 loans for $150,000 to $350,000
  • 13 loans for $350,000 to $1 million.
  • Four loans for $1-2 million.
  • Four loans for $2-5 million.
  • 1 loan for $5-10 million.

In all there were 46 loans for $25.1-59.4 million. These loans were taken to retain 2,723 loans.

Here's a listing of the loans in the highest categories.

LoanRange BusinessName JobsRetained Lender
a $5-10 million DOUGLAS CORPORATION OF MICHIGAN 14 City National Bank
b $2-5 million EVANGELICAL HOMES OF MICHIGAN 431 Bank of Ann Arbor
b $2-5 million MMI ENGINEERED SOLUTIONS, INC 187 Bank of Ann Arbor
b $2-5 million PRODUCTION SERVICES MANAGEMENT, INC 219 U.S. Bank, National Association
c $1-2 million MCNAUGHTON AND GUNN, INC. 147 Comerica Bank
c $1-2 million SALINE LECTRONICS, INC. 202 Comerica Bank
c $1-2 million SENSORS, INC 63 Bank of Ann Arbor
c $1-2 million TRI-COUNTY ELECTRIC COMPANY OF WASHTENAW COUNTY 62 Chelsea State Bank

 

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