LIST: Where Coronavirus Relief Loans Went In Minnesota

Mendota Heights MN

08 July, 2020

10:56 AM

Description

MINNESOTA — Thousands of Minnesota businesses have received Paycheck Protection Program, or PPP, loans to help pay their employees during the coronavirus pandemic. PPP loans were established as part of the federal government's CARES act, and are similar to grants: they will be forgiven as long as businesses keep their employees on their payroll, without cutting their pay. However, the money does not necessarily have to go directly to employees as long as the business keeps paying them — it can also be used to pay interest on mortgages, rent and utilities. The U.S. Small Business Administration released data Monday that shows nearly 5 million businesses have received PPP loans totaling over $521,000,000,000. The U.S. Treasury says that money has supported 51.1 million jobs, as much as 84 percent of America's small business employee Private schools in the Minneapolis-St. Paul metro were among the beneficiaries of the PPP: PPP between $1 million - $2 million Academy of Holy Angels (Richfield) Saint Thomas Academy (Mendota Heights) Mounds Park Academy (Saint Paul) Cretin-Derham Hall (Saint Paul) PPP between $2 million - $5 million Benilde-St. Margaret's School (St. Louis Park) The Blake School PPP between $5 million - $10 million Breck School Learn more about PPP loans at the SBA's website here. Editor's Note: The data used in this story came from the Small Business Administration. Since the release of the PPP database, a number of errors related to the loan amounts received by small businesses have been reported. If your business is listed here as receiving the wrong loan amount, email [email protected] so we can make the correction.