Locals receive latest PPP funding
Congress passed and President Joe Biden recently signed the American Rescue Plan Act, providing an additional $7.25 billion to the Paycheck Protection Program, and 53 Monroe County-based entities have taken advantage of that funding so far.
Fifteen of those companies and nonprofits are in Waterloo, 36 are in Columbia and two are in Fults.
All told, those entities received $4,336,877.826, bringing the total amount of PPP money that has come to Monroe County as of last week to more than $46 million.
In addition to changes designed to make the loans more available for small businesses, this round of funding allows for borrowers to get a second loans if they have or will use the full amount of the first loan only for authorized uses, have no more than 300 employees and can show at least a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020.
These loans have the same general terms as the first-draw ones, with most entities being eligible for up to 2.5 times the average monthly payroll costs for 2019 or 2020 up to $2 million.
The second-draw loans were by far the most common, with 49 of the recipients since March getting their second loan.
The largest recipients this time around were Joe Boccardi’s at $148,001, Kammermeyer & Trost Enterprise at $144,285, Columbia Kinder College at $138,831, Huebner Concrete Contracting at $136,187 and Williamson Dental at $127,362.50.
Huebner Concrete Contracting is in Waterloo, while every other one of those businesses is in Columbia.
Those entities previously received $104,125.52, $144,285, $148,032.44, $136,197 and $113,662 in PPP funding, per Small Business Administration data.
The businesses reported this money would help protect 78 total jobs.
In total, the Monroe County entities that have received this round of funding reported the money would help protect 597 jobs.
The smallest loans of $54,767, $53,872, $52,200, $51,941.20 and $51,155 went to Bret Steffenauer, who owns a limited liability company at Southwoods Center in Columbia, Tammy Mitchell Hines & Co., Mystic Oak, Synergy Therapeutics and Doyle Orthodontics, respectively. With the exception of Mystic Oak, each of those businesses are located in Columbia.
Doyle Orthodontics was one of the three businesses that received PPP funding for the first time under this current round.
The other two were Omega Products in Waterloo, which got $82,952.14, and Hari Investments in Columbia, which received $85,392.50.
There may still be more local recipients of PPP funding, as the deadline to apply for either first or second loans is May 31.