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.