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government loans

Ali Beydoun
Tyler Scott

The Paycheck Protection Program awarded about $16 billion to 128,159 small businesses and nonprofits in Michigan in the first two rounds of PPP funding. And you can use this map and database to find out who got a loan. 

Update: This article and its graphics has been updated to include smaller loan amounts. The previous version had a technical error that left these loans out.   

The federal government created the PPP through the CARES Act of 2020. It's meant to help business owners keep staff on the payroll in the wake of the pandemic and state-ordered public health restrictions – a one-two punch that slashed many businesses’ revenue. Businesses are able to apply to the program through a lender. The PPP loans were made to be forgivable and converted into grants, as long as the borrower meets all the program's requirements.

Legislation is being introduced in the state house aimed at supporting small businesses and startup companies in the alternative energy sectors.

The legislation is co-sponsored by Democratic State Representative Marcia Hovey-Wright. She spoke with Jennifer White.

Hovey-Wright says, "Basically it’s a revolving loan fund for alternative energy, green manufacturing which includes, wind, solar, advanced battery and biomass. The intention is to create good paying jobs with good benefits."

Ricardo Giaviti / Flickr

Chrysler will pay back its federal loans in full today. Michigan Radio's Tracy Samilton reports:

It's another milestone in the company's long struggle to recover from bankruptcy. Chrysler will wire-transfer nearly $6 billion to the U.S. Treasury and $1.5 billion to the governments of Canada and Ontario. Chrysler used some cash from Fiat for the transaction - and refinanced the rest with loans from private banks and investors.

The move will save Chrysler $300 million a year in interest and is one more step towards independence from the government.

The U.S. Treasury still holds about eight and a half percent of Chrysler stock. Fiat could end up buying that stock in the future. As of today, Fiat owns forty-six percent of Chrysler.

The news is making headlines this morning: