With a new round of COVID-19 relief money coming from both the state and federal governments, it’s time to look back and see how much aid Cook County businesses were granted from the Payroll Protection Program (PPP) last spring and summer.
Cook County businesses and non-profits received 200 loans from the paycheck protection program (PPP), with the loans totaling $12,425,426. Of that money, $7,610,000 went to businesses and individuals in the Grand Marais zip code. The average in-county bailout was $53,586.
PPP funds came from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and are administered by the Small Business Administration (SBA), which is supported by the Department of Treasury. In all, 4.9 million PPP loans were made, which helped support 51 million jobs across the country.
Congress passed the PPP to assist businesses with fewer than 500 workers to help with payroll and operating costs during the short-term disruption caused by COVID-19.
Loan proceeds were used to retain workers, maintain payroll and make lease or mortgage payments as well as utility payments. As long as the money was used for its intended purpose( s), it will likely not need to be paid back.
The Small Business Administration released this information on December 1, 2020. All told, the PPP gave $522.95 billion, with an average bailout of $101,409 to 5.15 million businesses.
For the loans to be forgiven, at least 60 percent of the Payroll Protection Payments had to be spent on payroll.
The largest PPP in Cook County was awarded to the Cook County Hospital District, which received $1.44 million. Next was the Sawtooth Mountain Clinic, which was awarded $673,888.
In Grand Portage, the Grand Portage Casino received $790,740 and Grand Portage Development Corporation $221,687 and Ryden’s Border Store LLC got $116,332.
In Hovland, eight businesses received a total of $123,683, for an average of $15,460.
Lutsen resorts and lodging establishments received the lion’s share of the money distributed to 24 businesses in the 55612 zip code. The North Shore Resort Company was awarded $779,937 and Lutsen Mountains Corporation $611,527. In all, $2.31 million was distributed for an average bailout of $96,239.
Nine businesses in Schroeder received an average of $20,335, with the total adding up to $183,019. In Tofte, the average bailout for 11 recipients was $83,520. Tofte Management Company LLC was awarded the largest loan amount at $696,400.
With these loans, both large and small, most area businesses were able to survive the COVID-19 pandemic. Soon enough Congress will announce a second round of aid, just in time for what promises to be a long winter.
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