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 56245
| Name of Borrower | Current Approved Amount |
|---|---|
| Farmers Cooperative Elevator | $687,300 |
| Stevens Farms, LLP | $49,790 |
| Barker Excavating, LLC | $36,852 |
| Oftedahl Partners | $31,200 |
| Dylan Nelson Trucking | $30,755 |
| Glenn Sharkey | $21,400 |
| Jeffrey Remiger | $20,833 |
| Thomas Oftedahl | $20,833 |
| Julie Oftedahl-Volstad | $20,833 |
| Tim Isaackson | $20,833 |
| Mark Oftedahl | $20,832 |
| Perry Oftedahl | $20,832 |
| Velde Farms, LLC | $20,800 |
| David Loe | $20,700 |
| Southwest Collision and Glass, LLC | $15,647 |
| Gary W. Anderson | $15,490 |
| Wayne Oftedahl/wayne's Standard | $14,649 |
| Jon Thostenson | $14,101 |
| Paul Neisius | $13,300 |
| Lauris Cole | $10,754 |
| Hanley Falls General Contracting, Inc. | $9,600 |
| Yellow Medicine Lutheran Church | $9,500 |
| Bruce Gustafson | $8,700 |
| Gary Enger | $7,550 |
| Healing Waters Lutheran Parish | $6,790 |
| Gary Geihl | $6,752 |
| Stephanie W. Fry | $5,918 |
| Thomas H. Gregoire | $5,320 |
| Bruce Lundin Construction, Inc. | $5,000 |
| Steven Hagen | $4,831 |
| Melissa Loe | $4,300 |
| Nessa's Naturals, LLC | $4,300 |
| Elmo Volstad | $4,218 |
| Joseph Thostenson | $3,334 |
| David Oftedahl | $2,782 |
| Kevin Sharkey | $2,000 |
Alerts Sign-up