×

Bailed out: PPP loans benefit Webster Co. companies

Uses for the funds have been expanded

Millions of dollars in Paycheck Protection Program funds have been handed out by the federal government to companies and organizations in Webster County that have been adversely affected by the COVID-19 pandemic.

In Fort Dodge alone, the COVID bailout subtotal was $55.52 million. The average bailout for the 824 organizations was $67,384.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Donald Trump on March 27. The Paycheck Protection Program was established through the CARES Act.

According to the U.S. Department of The Treasury, the Paycheck Protection Program is designed to support small businesses.

Funds are to be used for things like maintaining payroll, hiring back employees who may have been laid off and covering applicable overhead, according to the federal government.

According to the National Law Review, Congress has expanded the types of expenses for which all PPP loans can be used. That applies to existing PPP loans and new loans. The PPP allows the funds to be used for:

• Payroll, rent, covered mortgage interest and utilities.

• Payments for business software or cloud computing service that facilitates business operations.

• Costs related to property damaged and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation.

• Personal protective equipment expenses, physical barriers that were put in place, expansion of indoor/outdoor space or ventilation or filtration systems and drive-thru windows.

Here are the top 10 loan amounts handed out to Fort Dodge companies:

• Jensen Builders, $2.35 million.

• Woodruff Construction, $2.35 million.

• Friendship Haven, $2.14 million.

• AML Riverside, $1.22 million.

• Mid Country Machinery, $1.17 million.

• Community Health Center of Fort Dodge, $1.08 million.

• JBL Management, $994,800 .

• The Marine Group, $990,627.

• St. Edmond Catholic School, $840,750.

• North Central Sheltered Workshop, $809,000.

Here are the top five loan amounts for the rest of Webster County:

• Pearl Valley Rehabilitation and Nursing, of Gowrie, $276,043.

• Central District Conference — Evangelical Free Church of AME, of Dayton, $271,400.

• Marsh Concrete, of Otho, $237,304.

• Was Broken Pallet Company, of Moorland, $207,300.

• Tjaden Electric, of Badger, $154,000.

The full list of PPP loans and the amounts can be viewed at covidbailouttracker.com.

Newsletter

Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *

Starting at $4.62/week.

Subscribe Today