The U.S. Small Business Administration (SBA) and Treasury released Monday the names of all organizations that received Paycheck Protection Program (PPP) forgivable loans of $150,000 or more. The SBA and Treasury also published data for recipients of PPP loans less than $150,000 but did not reveal the names and addresses of those businesses. The data released gave details for nearly 4.9 million loans given.
One of the names on the list of local businesses and entities may have come to a surprise to many. MacMurray College was one of the entities named in the SBA list revealed on Monday, despite announcing its closure on March 27th. The college issued a statement today about the reception of the loan.
MacMurray officials said that they applied for the loan for payroll purposes under the provisions of the PPP loan program. MacMurray says they complied with all requirements for the loan and received $744,795.15 in April for those purposes.
According to their statement, MacMurray used the funds only for payroll costs, employee benefits, and employer payroll taxes. Under the PPP provisions, they were prohibited for using the money to pay severance or other compensation related to its decision to close at the end of May.
Officials said it allowed MacMurray to provide continuous employment—payroll and benefits, without interruption – and no employees were furloughed or terminated before the scheduled closure in late May. Officials said it also allowed the college to continue to pay a small contingent of employees through June.