PPP Loans Benefited Eagan Businesses

Eagan MN

21 July, 2021

10:11 AM

Description

EAGAN, MN — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Eagan. 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 126,388 PPP loans approved in Minnesota in 2021 alone, according to the Small Business Administration. The total 2021 amount approved was $5,371,253,729. 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 Eagan businesses that benefited from the program according to the SBA. Check here for a full, searchable database. PEOPLE INCORPORATED Eagan, MN, 55121 Approval amount: $7,265,572 Jobs reported: 499 TEA OLIVE I, LLC Eagan, MN, 55121 Approval amount: $5,191,650 Jobs reported: 500 NORTHERN CONTOURS, INC Mendota Heights, MN, 55120 Approval amount: $4,996,625 Jobs reported: 407 Forgiveness amount: $5,055,793 BITUMINOUS ROADWAYS, INC Saint Paul, MN, 55120 Approval amount: $4,328,700 Jobs reported: 172 Forgiveness amount: $4,379,221 ANDERSON GROUP HOLDINGS INC Egan, MN, 55121 Approval amount: $4,294,800 Jobs reported: 352 AVIONTE, LLC Saint Paul, MN, 55121 Approval amount: $3,599,300 Jobs reported: 179 Forgiveness amount: $3,641,492 KEYOT L.L.C Saint Paul, MN, 55121 Approval amount: $3,531,913 Jobs reported: 215 Forgiveness amount: $3,572,361 DART X, INC Eagan, MN, 55121 Approval amount: $3,520,570 Jobs reported: 326 MASTER MECHANICAL, INC. Eagan, MN, 55121 Approval amount: $3,318,300 Jobs reported: 135 Forgiveness amount: $3,346,665 SHAW-LUNDQUIST ASSOCIATES, INC. Saint Paul, MN, 55121 Approval amount: $3,130,100 Jobs reported: 75 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].