At least 178 Hoosier law firms received Paycheck Protection Program money

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Indiana law firms are included among the thousands of Hoosier businesses and not-for-profits that have received money through the federal Paycheck Protection Program, according to data released Monday by the U.S. Small Business Administration.

At least 178 Indiana-based law firms or legal services entities received funding from the economic stimulus program included as part of federal legislation passed in response to the COVID-19 pandemic, an Indiana Lawyer analysis found.

Indianapolis-based Hall Render Killian Health & Lyman P.C. and Ice Miller got some of the largest amounts, with each listed as being approved for PPP loans totaling between $5 million and $10 million. Also, Chicago-based SmithAmundsen, which has an office in Indianapolis, received between $5 million and $10 million.

Not included on the list of entities receiving loans are Indiana’s two largest firms, Faegre Drinker Biddle & Reath LLP and Barnes & Thornburg LLP.

Among Indiana-based law firms and legal entities, more than 100 received assistance of $150,000-$350,000 and more than 50 got loans of $350,000 to $1 million. Just 13 received loans of more than $1 million.

Click here for a searchable database of Indiana law firms and legal entities that received PPP assistance.

The Paycheck Protection Program was part of the $2 trillion-plus Coronavirus Aid, Relief, and Economic Security, or CARES, Act passed by Congress in March. Specifically, the program was designed to provide forgivable loans to small businesses, not-for-profits, veterans’ organizations and tribal businesses as well as self-employed individuals or independent contractors to cover payroll costs and some overhead such as interest on mortgages, rent and utilities.

A report from the SBA shows that through June 30, more than $521.48 billion in PPP loans have been approved with 85.6% of all loans being for less than $150,000. In Indiana, 79,151 loans were made for a total of $9.49 billion. A searchable database for all Indiana businesses is available here.

The Indianapolis Business Journal, part of IBJ Media, which publishes Indiana Lawyer, was approved for a loan amount between $350,000 and $1 million.

Other Indiana law firms receiving PPP funds include Krieg DeVault LLP and Scopelitis Garvin Light Hanson & Feary P.C., which each were approved for loans between $2 million and $5 million.

Also, Bingham Greenebaum Doll of Louisville, which is now Dentons Bingham Greenebaum and has offices in Indianapolis, Evansville and Jasper, is listed as securing a loan between $2 million and $5 million.

Receiving between $1 million and $2 million were the law firms of Bose McKinney & Evans LLP, Katz Korin Cunningham PC, Keller & Keller LLP, Kightlinger & Gray LLP, Lewis Wagner LLP, Plews Shadley Racher & Braun LLP, and Wooden & McLaughlin LLP.

Among the not-for-profits, Indiana Legal Services, which has offices around the Hoosier state, received between $1 million and $2 million. Indianapolis Legal Aid Society and the Neighborhood Christian Legal Clinic are each listed as receiving between $150,000 and $350,000.

In addition, Indiana Continuing Legal Education Forum is listed as receiving between $150,000 and $350,000.

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4 thoughts on “At least 178 Hoosier law firms received Paycheck Protection Program money

  1. What is the story? Law firms that meet the size criteria for a small business qualify for PPP loans. Many law firms all across the country applied and received them, as did accounting firms and other professional services firms. Is it a slow news day at IBJ?

  2. Tim and Christopher, this is a story because there definitely is interest in the law firms and companies that received PPP loans. The article does not say that is a bad thing or a good thing. It just provides information. This was written by The Indiana Lawyer, our sister publication, which is read by thousands of attorneys throughout the state.

  3. As IBJ reported a while back, one in 5 families in Marion County are below the poverty line. Citizens Energy now has 20,000 households in arrears and on an extended payment plans due to the financial fallout of the pandemic. It’s reassuring to see that the law firms are able to stay afloat with the PPP infusion of cash.