How the logging industry in the Lake States used PPP loans
March 22, 2022
analytics logging forest products forest industry jobs PPP loans
Logging companies in the US Lake States requested $49.7 million in Paycheck Protection Program loans offered through the Small Business Administration in 2020 and 2021. These loans were offered to 1,445 logging businesses in the Lake States.
The SBA Paycheck Protection Program provides information on PPP loan distributions to businesses throughout the COVID-19 pandemic. Depending on the size of the business and its needs, loan amounts varied.
For all logging businesses, the average loan amount was $34,412 and there were an average of 3.6 jobs reported across all PPP loan applications:
The town of Crandon, WI saw the greatest number of loan distributions to logging companies. Medford and Laona, WI ranked second with over 20 loan distributions. Bemidji, MN and Gladstone, MI were those towns with the greatest number of PPP loans offered to logging businesses in those states:
| CITY | Number of loans |
|---|---|
| CRANDON , WI | 25 |
| MEDFORD , WI | 24 |
| LAONA , WI | 22 |
| BEMIDJI , MN | 20 |
| GLADSTONE , MI | 15 |
| CORNELL , WI | 14 |
| TOMAHAWK , WI | 13 |
| BARK RIVER , MI | 12 |
| ESCANABA , MI | 12 |
| WAUSAUKEE , WI | 12 |
| BAGLEY , MN | 11 |
| IRON RIVER , MI | 11 |
| LADYSMITH , WI | 11 |
| MASON , WI | 11 |
| NORTHOME , MN | 11 |
| PARK FALLS , WI | 11 |
| RICE LAKE , WI | 11 |
| FELCH , MI | 10 |
| SHEVLIN , MN | 10 |
| WESTBORO , WI | 10 |
The PPP program has provided needed loans to assist logging and other forest products businesses keep their workers employed throughout the COVID-19 pandemic. For more data that summarizes PPP loans, see this recent post which describes funds provided to the forest products industry.
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By Matt Russell. Email Matt with any questions or comments. Sign up for my monthly newsletter for in-depth analysis on data and analytics in the forest products industry.