MASON CITY, Iowa - Custom cabinetmaker Woodharbor has received between $2 million and $5 million in Paycheck Protection Program funds. Of the 69 Mason City businesses to receive funds, it's just one of four to receive this high of an amount.
KPVI News reports
that a total between $25 million and $64 million was given to 69 of the city's businesses, which employ nearly 4,000 workers in total. Woodharbor produces both traditional and frameless custom cabinets at its Mason City plant, where it employs 217 workers.
Both houses of Congress recently voted to extend the deadline to apply for Paycheck Protection Program loans to August 8. The PPP aims to forgive loans if businesses vow to maintain their payrolls. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used 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.