Area businesses receive Paycheck Protection loans

From the Nebraska News Service
Small Business Administration on Monday released some details about 4,179 Nebraska businesses that took out Paycheck Protection Program loans of $150,000 or more.
Of those, eight are from Albion and the businesses planned in their loan paperwork to preserve 359 jobs with that money. However, three did not report information about jobs preserved with the loan.
The data released by the Small Business Administration on Monday is only a small slice of all Paycheck Protection loans issued during the pandemic. The government revealed details of 650,000 loans on Monday. In all, more than five million loans were granted under the program.
The loans are low-interest loans that can be forgiven if the company uses the money to retain employees. Companies are just now beginning the loan forgiveness process.
Omaha had the most loans at 1,598, which represented 38 percent of all loans given to Nebraska businesses. Lincoln (672), Grand Island, (147), Kearney (116) and Norfolk (89) rounded out the top 5.
The Small Business Administration did not report the exact amount each business took out in loans, offering a range that the loan fell into. Only loans of $150,000 or more were reported.
Complete story in the July 8 Albion News, print and e-editions.