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Companies, Nonprofits Across Northwest Suburbs Receive PPP Loans

11:51 AM | Tuesday, July 7, 2020

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 retained 350+ workers through PPP loan/photo courtesy Breck School

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.

Midwest Hardwood

Midwest Hardwood produces wide range of Northern hardwood lumber products/photo courtesy Midwest Hardwood

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.

Corey Bork, reporting
Breck School

Golden Valley | Maple Grove

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