PPP Loans Benefited Northfield Businesses

Northfield MN

21 July, 2021

10:20 AM

Description

NORTHFIELD, MN — Applications for the federal Paycheck Protection Program have closed after benefiting more than 11.8 million pandemic-stricken businesses, including many in Northfield. 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 Northfield businesses that benefited from the program according to the SBA. Check here for a full, searchable database. TAYLOR TRUCK LINE INC Northfield, MN, 55057 Approval amount: $3,378,700 Jobs reported: 250 Forgiveness amount: $3,416,147 HOLDEN FARMS, INC. Northfield, MN, 55057 Approval amount: $2,570,054 Jobs reported: 225 Forgiveness amount: $2,449,529 MINNESOTA ODD FELLOWS HOME Northfield, MN, 55057 Approval amount: $2,100,200 Jobs reported: 210 Forgiveness amount: $2,124,644 MINNESOTA AG GROUP, INC. EMPLOYEE STOCK ONWERSHIP LAN TRUST Northfield, MN, 55057 Approval amount: $1,158,800 Jobs reported: 91 Forgiveness amount: $1,165,340 AURORA PHARMACEUTICAL, INC Northfield, MN, 55057 Approval amount: $980,700 Jobs reported: 66 Forgiveness amount: $985,631 CARLSON CAPITAL MANAGEMENT LLC Northfield, MN, 55057 Approval amount: $919,800 Jobs reported: 54 Forgiveness amount: $926,366 NORTHFIELD CARE CENTER, INC. Northfield, MN, 55057 Approval amount: $841,000 Jobs reported: 133 Forgiveness amount: $845,719 LAURA BAKER SCHOOL ASSOCIATION Northfield, MN, 55057 Approval amount: $825,598 Jobs reported: 110 Forgiveness amount: $831,217 MINNESOTA ORTHODONTICS AND DENTOFACIAL ORTHOPEDICS PA Northfield, MN, 55057 Approval amount: $643,100 Jobs reported: 57 MIDWESTERN BARBERS LLP Northfield, MN, 55057 Approval amount: $621,327 Jobs reported: 155 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].