Companies, Nonprofits Across Northwest Suburbs Receive PPP Loans
Businesses and nonprofits across the northwest suburbs received loans from the federal Payroll Protection Program (PPP) to save jobs during the COVID-19 pandemic.
The U.S. Small Business Administration (SBA) revealed the list on Monday. The loans ranged from $150,000 to more than $5 million. Loans to Minnesota employers helped save more than 711,199 jobs, according to the federal agency.
Breck School in Golden Valley was among nine nonprofits to receive more than $5 million in PPP loans. That helped Breck retain 353 school workers, the report shows.
Other local companies to receive more than $5 million in PPP funds include a pair of Maple Grove companies: Nortech Systems, an electronics manufacturing services provider; and Midwest Hardwood Corp., a high-end lumber manufacturer. Nortech Systems and Midwest Hardwood were able to retain 478 jobs and 468 jobs respectively.
According to SBA, 132 companies received loans between $5 million and $10 million, less than 1% of all loans distributed statewide. More than half of the PPP loans were in the $150,000 to $300,000 range.
Under the law, companies or organizations don’t have to pay back the loans as long as certain requirements are met.