The following is an excerpt from Senator Todd Young’s email of 5-11, concerning the Payroll Protection Program and Indiana Businesses:

To date, Indiana has received over 70,000 Paycheck Protection Program loans amounting to nearly $10 billion, specific Indiana recipients of Paycheck Protection Program loans include:

• Troyer Products, a manufacturing company, located in Elkhart, was able to keep 21 employees on their payroll thanks to a PPP loan.
• Families First, an Indianapolis non-profit that provides mental health counseling, education, crisis intervention, received a PPP loan.
• A medical device distributor in Valparaiso had its sales fall 90 percent when elective surgeries were suspended. PPP helped them keep all 23 employees on the payroll.
• A financial services firm in Indianapolis with 80 employees went forward with their plans to hire eight college graduates thanks to the assurance they had with PPP.
• Immanuel Lutheran Church in Seymour received a PPP loan that enabled them to keep their church staff, as well as the staff for the church-run daycare.
• A business in Noblesville that employs eight people changed hands after the February 15 cutoff date and was initially denied a PPP loan. The SBA issued new guidance that resolved the issue.

INCEO is aware of several ESOPs that also applied for and received funds from the PPP.  Similar to the above stories, these funds enabled the ESOPs to retain staff, to continue operations, and provided peace of mind in these uncertain times.  If you would like to share your ESOPs story on how the PPP impacted your company please contact INCEO.