MISSOURI - The Small Business Administration has revealed the companies who've received at least $150,000 in loans through the Paycheck Protection Program (PPP). Aimed to help small businesses survive the ongoing pandemic, the program forgives loans if businesses vow to maintain their payrolls.
In Southwest Missouri alone, 650 businesses received more than $150,000 in funds - at least 11 of those being wood product manufacturers.
Walnut supplier and sawmill Missouri Walnut Group received between $1 and $2 million, as did restaurant furniture manufacturer M.S.W. Inc.
Receiving between $350,000 and $1 million were hardwood flooring company Heritage Oak, kitchen cabinetmaker JDP Industries, Twin Oaks Custom Cabinets, and upholstered furniture maker Marco Group.
Receiving between $350,000 and $150,000 were wood container manufacturer Industrial Wood Products, kitchen cabinet firms Kabinet Korner Inc. and Solid Surface Designs, lumber supplier Missouri Walnut Trading, and commercial furniture maker Souter Inc.
Both houses of Congress recently voted to extend the deadline to apply for PPP loans to August 8. All PPP loan payments will be deferred for six months, with the SBA forgiving the amount businesses use to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
The government put $349 billion into the program initially, but all of it quickly disappeared. $310 billion was then added, with $60 billion set aside for small lenders to help companies with no existing banking relationship get loans.
As of early July, $130 billion still remains in the program.
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