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Thursday, April 10, 2025

2020: 25 PPP loans provided to small businesses in ZIP Code 56185

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There were 25 PPP loans provided to small businesses in 2020 in ZIP Code 56185, according to the US Small Business Administration.

The Paycheck Protection Program (PPP) provided loans to small businesses affected by the COVID-19 pandemic. Companies with less than 500 employees, sole-proprietorships, independent contractors and self-employed individuals could qualify for these loans, according to Harvard Business School.

A report on the program analyzed by the Peter G. Peterson Foundation found the “distribution of loans across sectors didn’t mirror the distribution of job losses.” It showed restaurants and food service businesses did not receive many loans, despite suffering the highest level of job losses.

A preliminary analysis from the National Bureau of Economic Research suggests the areas most affected by economic disruption did not receive the most loans.

The Paycheck Protection Program ended on May 31, 2021. Existing borrowers may be eligible for loan forgiveness at the discretion of the lender.

PPP loans distributed in 2020 in ZIP Code 56185

Name of BorrowerCurrent Approved Amount
Loo Con, Inc.$110,868
Penning Brothers$78,865
Psio Power Washers, Inc.$66,000
Joens Woodworking, LLC$22,340
Summit Lake Livestock$21,115
Keith Sieve$20,833
Dalton Jeffers$20,833
Schuett Auto Body, LLC$20,772
Balster Construction$17,900
Gregory Newman$15,465
Saloon No 7 Enterprises$15,400
Craig Newman Trucking$14,634
Slater Construction$10,400
Duane Burkard Electric, LLC$8,300
David Bosma$7,930
Einck Motors Auto Body, LLC$7,815
Joe Brake Trucking$7,500
AL's Plumbing & Heating, LLC$7,500
Jeremy Prins Trucking, Inc.$6,465
Robert Newman$6,302
Justin Hoffman$5,400
David Christians$4,700
Southwest Minnesota Spraying, LLC$4,062
Michael Einck$1,715
Clyde W. Smith$602

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