PPP Loans Benefited Fargo Businesses

Fargo ND

21 July, 2021

10:21 AM

Description

FARGO, ND — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Fargo. The Paycheck Protection Program started in April 2020 as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES), and was extended until May 31, 2021. There were 31,291 PPP loans approved in North Dakota in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $1,113,121,201. Loan applications were processed through banks and other traditional lenders, with the SBA backing the resulting loans. Around $800 billion in loans were approved nationwide under the program. The loans are forgivable if borrowers meet certain criteria, including spending at least 60 percent of the money on payroll costs and maintaining employee compensation levels. Below are some Fargo businesses that benefited from the program according to the SBA. Check here for a full, searchable database. SISTERS OF MARY OF THE PRESENTATION LONG TERM CARE Fargo, ND, 58103 Approval amount: $7,079,282 Jobs reported: 500 W.W. WALLWORK INC Fargo, ND, 58102 Approval amount: $6,086,100 Jobs reported: 483 Forgiveness amount: $6,140,074 NORTHERN IMPROVEMENT COMPANY Fargo, ND, 58102 Approval amount: $5,310,442 Jobs reported: 252 AMERICAN LUTHERAN HOMES INC Fargo, ND, 58103 Approval amount: $5,133,200 Jobs reported: 500 GENERAL EQUIPMENT & SUPPLIES INC Fargo, ND, 58103 Approval amount: $3,901,100 Jobs reported: 226 Forgiveness amount: $3,947,046 INDUSTRIAL BUILDERS, INC. Fargo, ND, 58104 Approval amount: $3,793,600 Jobs reported: 158 Forgiveness amount: $3,484,376 APPAREO SYSTEMS, LLC Fargo, ND, 58102 Approval amount: $3,632,500 Jobs reported: 180 Forgiveness amount: $3,675,182 LAHAISE MANAGEMENT LLC Fargo, ND, 58102 Approval amount: $3,512,000 Jobs reported: 500 RDO TRUCK CENTER Fargo, ND, 58104 Approval amount: $3,087,187 Jobs reported: 211 Forgiveness amount: $3,124,148 BUSHEL INC Fargo, ND, 58102 Approval amount: $2,985,600 Jobs reported: 164 Forgiveness amount: $0 Nationally, the accommodation/food service industry received the largest share of loans in 2021, with 15 percent of the total. Around 87 percent of the loans approved in 2021 were for $50,000 or less, and they accounted for a third of the total approved amount. The average loan size was $42,000. The program wasn't without controversy. Banks tended to prioritize large, established businesses, according to a New York Times analysis. Congress raised fees for small loans in December to encourage lenders to make small business loans, and rules were changed in February to allow unprofitable solo businesses to qualify. Several large companies drew public ire after it was revealed that they took PPP loans instead of relying on traditional capital-raising activities. The outcry prompted the SBA to review all loan applications over $2 million and issue guidance that the program was intended for businesses that lacked access to other cash-raising methods. Editor's note: This list was automatically generated using data from the SBA for approved loans of $150,000 or more, although some loans ultimately were not made. Business owners can contact the SBA if information about a loan isn't correct. SBA data occasionally contains duplicate entries. Other feedback can be sent to [email protected].