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 58790
| Name of Borrower | Current Approved Amount |
|---|---|
| Verendrye Electric Cooperative, Inc. | $1,686,200 |
| Souris Valley Care Center | $472,200 |
| Agro-Technician, Inc. | $99,500 |
| Mouse River Oil Company, Inc. | $57,000 |
| Effertz Key Ranch, Inc. | $52,312 |
| Northern Integrity Heating & Air Conditioning, LLC | $47,900 |
| Velva Drug Company | $46,100 |
| Hildre Construction, Inc. | $43,300 |
| Colleen Hofer | $43,000 |
| Velva Environmental, LLC | $38,700 |
| Flaten Crop Insurance Agency | $34,960 |
| Star City Golf Course | $30,500 |
| Oak Valley Lutheran Church | $28,500 |
| Sauter Trucking, Inc. | $27,500 |
| Shelby Barstad | $22,700 |
| Velva Glass and Auto | $22,500 |
| Geneil Vedaa | $20,835 |
| Michael Linrud | $20,833 |
| Ryan Pederson | $20,832 |
| Clinton Gjellstad | $20,750 |
| Dennis Wunderlich | $20,750 |
| Rodney Kaylor | $20,700 |
| Paul Thomas | $19,000 |
| Tanner Vix | $18,243 |
| Star City After School Care, LLC | $16,000 |
| Kevin Thomas | $15,855 |
| Jodie Frankl | $14,700 |
| Lee Farms | $14,000 |
| Finishline Burgers and Brew, LLC | $12,880 |
| Kacey and Kristie Abrahamson Trucking, LLC | $12,800 |
| Lyle Linrud | $12,511 |
| David Duchsherer | $12,100 |
| David Aaseth | $11,602 |
| Colten Lee | $10,750 |
| Haul N. Holmen | $10,722 |
| North Star Safety Consultant, LLC | $10,237 |
| Doug Aaseth | $10,225 |
| D and D Dirt Works, LLC | $10,000 |
| Robert Weigel Mac Tools | $9,375 |
| St. Cecilia's Church of Velva | $9,195 |
| All Classic Motors | $8,760 |
| Joyce's Dream | $6,474 |
| Larry Turner | $6,407 |
| Lynn Watne | $6,200 |
| Kera Pederson | $5,970 |
| Shanel Effertz | $5,885 |
| Chandler MacK | $5,655 |
| Joshua L. Schatz | $4,890 |
| Shawn Kaylor | $4,500 |
| Kenneth Thomas | $4,000 |
| United Methodist Church of Velva | $4,000 |
| D & D Cattle, Inc. | $3,885 |
| Osae Group, Inc. | $3,745 |
| Olson Paint and Paper | $3,400 |
| Image Marketing International, Inc. | $3,000 |
| Matthew D. Schatz | $2,807 |
| Magic Bean Brewing Company, LLC | $2,800 |
| Tate Abrahamson | $2,700 |
| Gregory Finneseth | $1,897 |
| Dixon C. Bauer | $1,540 |
| Kristen Bechtold | $1,085 |
| Robert Burns | $950 |
| Robin Burns | $650 |
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