Plastics companies get at least $ 1.6 billion in COVID-19 PPP loans
In plastics, the specific sector that got the most money was resin and materials, where companies reported between $ 216 million and $ 482 million in PPPs.
A catch-all category in government data, Miscellaneous Plastics Processing, actually reported significantly more loan amounts: between $ 880 million and $ 1.9 billion. It was by far the largest category, but it contains so many different and unrelated plastic products that it cannot be considered as one industry sector.
In the processing area, three categories were each tied to receive roughly the most money: packaging, bags and a pool for urethane foams and non-polystyrene foams had ranges of about 83 million dollars. dollars and $ 185 million.
The plastic pipe industry reported loans ranging between $ 47 million and $ 107 million, while plastic bottle makers received between $ 31 million and $ 74 million.
Custom preparers received between $ 31 million and $ 71 million.
Some key industrial sectors are missing in the Plastics news data analysis, however.
Plastic machinery, mold making or recycling are all part of much larger industry groups in SBA information, making it difficult to separate companies specific to plastics.
However, the data includes some information on plastic machinery manufacturing companies.
Wittmann Battenfeld Inc. in Torrington, Connecticut, and Uniloy Inc. in Tecumseh, Mich., Have received PPP loans of $ 2-5 million, according to SBA data. They appeared in the Plastics news dataset because they are classified under government codes for plastics processing.
In addition, some molding and converting companies do not appear in the plastics data that we eliminated, but would have received loans. Vermont newspapers reported that Bethel-based GW Plastics received a large loan of between $ 5 million and $ 10 million.
When looked at by state, the data reflects industry manufacturing data, particularly for Processing.
California tops the list of states with 705 plastic companies receiving loans. Ohio was second with 445, followed by Texas with 408, Michigan with 371 and Illinois with 352.
A plastics processing company with financial ties to a congressman also received a loan, media noted.
the Call The newspaper reported that Sinclair & Rush Inc., a processor based in Arnold, Missouri, received between $ 2 million and $ 5 million. The newspaper said the company was part of a portfolio owned by Cameron Holdings, based in La Jolla, Calif., And that Cameron CEO Lynn Gorguze was married to Rep Scott Peters, D-Calif.
Funding for PPPs has been a hot topic for industry groups and consultants.
A spokesperson for the Plastics Industry Association said the group has provided information on PPPs and other programs to its members to help them avoid layoffs.
Brendan Thomas, group vice president of advocacy and voice, said the industry has been resourceful in avoiding job cuts and protecting customers.
“Like virtually every other industry during this pandemic, the plastics industry has suffered setbacks, forcing many companies to make tough decisions,” Thomas said. “In an unprecedented situation, which has forced all businesses except the essential ones to slow down or shut down considerably, getting quick support has sometimes been difficult.
Plastics news journalists Frank Esposito and Catherine Kavanaugh contributed to this story.