January 23, 2021logging forest industry forest products jobs PPP loans
Logging companies in Maine requested at least $13.8 million in Paycheck Protection Program loans offered through the Small Business Administration in 2020. These loans were offered to 256 logging businesses in Maine in the spring and early summer of 2020.
The SBA Paycheck Protection Program Loan Level Data provides information on PPP loan distributions to businesses made through August 8, 2020. Depending on the size of the business and its needs, loan amounts varied.
For businesses that requested less than $150,000, the average loan amount was $32,790 and there were an average of four jobs reported:
Sixteen Maine logging businesses requested between $150,000 and $350,000, with an average of 21 jobs reported. Eleven Maine logging businesses requested between $350,000 and $1 million, with an average of 46 jobs reported:
The town of Fort Kent, ME saw the greatest number loan distributions to logging companies with 40. Lincoln, ME ranked second with 10 loan distributions, followed by four other cities tied with six distributions:
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The PPP program has provided needed loans to assist logging and other forest products businesses keep their workers employed throughout the COVID-19 pandemic.The US Small Business Administration is continuing to offer a First Draw Loan for first time program participants and a Second Draw Loan for businesses who have previously received a PPP loan.