Aroostook PPP loan amounts could exceed $ 100 million

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Three months after the US Small Business Administration sent out the first loans from the Paycheck Protection Program in the wake of the economic damage caused by the COVID-19 pandemic, data was published for the first time on which companies actually received these loans.

HOULTON, Maine – Three months after the US Small Business Administration sent out the first loans from the Paycheck Protection Program in the wake of the economic damage caused by the COVID-19 pandemic, data was published for the first time on which companies actually received these loans.

Although the SBA’s list of companies only lists a fraction of all the companies believed to have received a PPP loan, there are more than 1,000 Aroostook County companies and nonprofits that received payments in April. Of these, more than 100 have received loans totaling more than $ 150,000 and at least 15 have received loans totaling more than $ 1 million.

The three county organizations that received the most funding were Aroostook Mental Health Services in Caribou, Houlton Regional Hospital, and Cary Medical Center, also in Caribou. The city of Caribou applied for the loan for Cary as the city owns the hospital. Each of these three received loans between $ 2 million and $ 5 million. The SBA did not disclose the exact amount for loans totaling more than $ 150,000.

Houlton Regional and Cary, and Pines Health Services’ health centers, which also received more than $ 1 million, were opened on Aug. announced salary cuts for hospital staff and nursing staff.

Caribou also ranked first among all cities in Aroostook County in terms of funds received from PPP, with loans potentially worth $ 15 million to $ 28 million going to local businesses and nonprofits.

This is followed by Presque Isle and Houlton, which received $ 14-22 million and $ 10-21 million, respectively.

Other notable places where businesses got credit were Fort Kent at $ 6 million to $ 11 million and Madawaska at $ 2 million to $ 4 million. Although the exact amount of money spent in The County is unknown, the ranges given by the SBA suggest it could be anywhere from $ 65 million to $ 116 million.

Although many medical and health-related companies and organizations were among the recipients of the largest loans, the freight forwarding industry also received generous amounts. Freight forwarding and transportation companies such as Daigle & Houghton in Fort Kent, Falcon Transportation in Presque Isle, and RF Chamberland in St. Agatha all received loans of more than $ 1 million, while Albert Farms, Madawaska, received just a little less.

Timber companies were also listed among the highest recipients. Daaquam Lumber in Ashland led the way with over $ 1 million in loans, with Katahdin Forest Products and Voisine Bros. also receiving large sums.

The loan details are released in response to pressure from lawmakers and the media requesting the details after Treasury Secretary Steve Mnuchin previously said he would not disclose which companies received the loans.

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