Loans of $25,000 were provided to 256 businesses.
The largest loan underneath the $25,000 threshold was $25,000, given to Sundry ARTS, LLC.
The average loan amount provided to Minnesota small businesses was $70,707.
One of the biggest drivers causing inflation, which is currently decimating the U.S. economy, is loans. With more money available to residents through the PPP, the purchasing power of that money is diminished, meaning it takes more money to buy the same amount of goods as before.
Economist Mickey D. Levy argued the PPP and many other assistance programs offered during the COVID-19 pandemic sparked the inflation seen in recent months by boosting the economy beyond what it could reasonably handle.
Roughly $800 billion was injected into the U.S. economy while interest rates were low, causing people to overextend themselves at the time to land in trouble in the future, he claimed.
A 2022 study found that the PPP spent between $169,000 and $258,000 to protect one job. With the average salary of a small-business worker being around $58,000, the study found the program overspent by roughly 75 percent.
| Borrower Name | Loan Amount | Difference From Average Loan Amount in MN |
|---|---|---|
| Sundry ARTS, LLC | $25,000 | -$45,707 |
| Thrivors, Inc. | $25,000 | -$45,707 |
| Aegir Brewing Company | $25,000 | -$45,707 |
| Titan Technical Consulting, LLC | $25,000 | -$45,707 |
| LMB Recovery, LLC | $25,000 | -$45,707 |
| New London Law P. A. | $25,000 | -$45,707 |
| Danielle Trego, P. A. | $25,000 | -$45,707 |
| Northland Enterprises, Inc. | $25,000 | -$45,707 |
| Whitlock Capital Group, LLC | $25,000 | -$45,707 |
| All People Trucking | $25,000 | -$45,707 |
| Chipman & Sons, LLC | $25,000 | -$45,707 |
| Auger's Resort, Inc. | $25,000 | -$45,707 |
| Outstate Data, LLC | $25,000 | -$45,707 |
| Mobile Extrusion Toll Processing, LLC | $25,000 | -$45,707 |
| Law Office of Rachel N. Sampong, LLC | $25,000 | -$45,707 |
| Peterson-Johnson Funeral Home, Inc. | $25,000 | -$45,707 |
| River Bluff Humane Society | $25,000 | -$45,707 |
| Primetime Painting & Drywall, LLC | $25,000 | -$45,707 |
| Ryan Electric of St. Peter, LLC | $25,000 | -$45,707 |
| Midamerica Region of the UUA | $25,000 | -$45,707 |
| Mcdonnell Plumbing and Heating, LLC | $25,000 | -$45,707 |
| Transcend Psychotherapy, PLLC | $25,000 | -$45,707 |
| Health Systems Sciences, LLC | $25,000 | -$45,707 |
| G Hughes Enterprises, LLC | $25,000 | -$45,707 |
| North Superior Fishery, LLC | $25,000 | -$45,707 |
| Classic Review | $25,000 | -$45,707 |
| Twin Cities Athletic Training | $25,000 | -$45,707 |
| Aambitious, LLC | $25,000 | -$45,707 |
| Aambitious, LLC | $25,000 | -$45,707 |
| Rochester Electric and Communications | $25,000 | -$45,707 |
| Middle North, LLC | $25,000 | -$45,707 |
| Fall INN, Inc. | $25,000 | -$45,707 |
| Diamond Dust Bakery & Coffee Shop | $25,000 | -$45,707 |
| Kile Enterprises, Inc. | $25,000 | -$45,707 |
| Brooklyn Park Logistics, LLC | $25,000 | -$45,707 |
| Oleander Saloon, LLC | $25,000 | -$45,707 |
| Wenonah Property Group | $25,000 | -$45,707 |
| Gute, Inc. | $25,000 | -$45,707 |
| Puzzlefox, Inc. | $25,000 | -$45,707 |
| Minneapolis Microblading Studio | $25,000 | -$45,707 |
| Minneapolis Microblading Studio | $25,000 | -$45,707 |
| Kimlytech, LLC | $25,000 | -$45,707 |
| Inspiring Interiors, LLC | $25,000 | -$45,707 |
| Tap House Team, LLC | $25,000 | -$45,707 |
| Neurocolor Managment Services, Inc. | $25,000 | -$45,707 |
| Sophia S Hom LLC M.D. | $25,000 | -$45,707 |
| Nygaard and Longe Law Office | $25,000 | -$45,707 |
| Neurocolor Management Services, Inc. | $25,000 | -$45,707 |
| Jeri Quest | $25,000 | -$45,707 |
| Swanson Logistics, LLC | $25,000 | -$45,707 |
| Chanti New Hope, Inc. | $25,000 | -$45,707 |
| Thayer Case Management, Inc. | $25,000 | -$45,707 |
| Waseca Glass, LLC | $25,000 | -$45,707 |
| Dubbs & O'Meara, Inc. | $25,000 | -$45,707 |
| Chinitas II, LLC | $25,000 | -$45,707 |
| Shakir Consulting Services, LLC | $25,000 | -$45,707 |
| Fein Violins, Ltd. | $25,000 | -$45,707 |
| Life Dynamics, Inc. | $25,000 | -$45,707 |
| Life Dynamics, Inc. | $25,000 | -$45,707 |
| Jsbrindley Search, Inc. | $25,000 | -$45,707 |
| W3wakefield Properties | $25,000 | -$45,707 |
| Auto Care Express, Inc. | $25,000 | -$45,707 |
| Optics, LLC | $25,000 | -$45,707 |
| LA Perla Market, LLC | $25,000 | -$45,707 |
| W3 Wakfield Properties | $25,000 | -$45,707 |
| Sundry ARTS, LLC | $25,000 | -$45,707 |
| Winona Area Humane Society | $25,000 | -$45,707 |
| Varner, Inc. | $25,000 | -$45,707 |
| Tiffany Le, Inc. | $25,000 | -$45,707 |
| Denny Trio Farms, Inc. | $25,000 | -$45,707 |
| Autocenter Sales, LLC | $25,000 | -$45,707 |
| DPI Creative, Inc. | $25,000 | -$45,707 |
| Replace, Inc. | $25,000 | -$45,707 |
| Itrust Trans. & Auto Service | $25,000 | -$45,707 |
| Care for YOU, Inc. | $25,000 | -$45,707 |
| Minnesota Power Yoga, LLC | $25,000 | -$45,707 |
| Modernwell, LLC | $25,000 | -$45,707 |
| Denny Trio Farms, Inc. | $25,000 | -$45,707 |
| Winona Area Humane Society | $25,000 | -$45,707 |
| Lake Life, LLC | $25,000 | -$45,707 |
| Itasca Geodata, Inc. | $25,000 | -$45,707 |
| The Amaravati, Inc. | $25,000 | -$45,707 |
| J & D Landscaping Services, LLC | $25,000 | -$45,707 |
| Just Like Home Senior Care | $25,000 | -$45,707 |
| Tom Barnard Podcast, LLC | $25,000 | -$45,707 |
| Great Northern Gymnastics, Inc. | $25,000 | -$45,707 |
| Great Northern Gymnastics, Inc. | $25,000 | -$45,707 |
| Supermex Market | $25,000 | -$45,707 |
| Dave Levy Construction, LLC | $25,000 | -$45,707 |
| Tina Do, Inc. | $25,000 | -$45,707 |
| Jon's Foods Too | $25,000 | -$45,707 |
| Tops, LLC | $25,000 | -$45,707 |
| Highimpact Consulting, LLC | $25,000 | -$45,707 |
| Transocean Carriers, Inc. | $25,000 | -$45,707 |
| Northland Special Events, Inc. | $25,000 | -$45,707 |
| Hartwell Consultants, LLC | $25,000 | -$45,707 |
| H. Clothing Care, Inc. | $25,000 | -$45,707 |
| Dauphinee Group, Inc. | $25,000 | -$45,707 |
| Re-Creations, Inc. | $25,000 | -$45,707 |
| Aambitious, LLC | $25,000 | -$45,707 |
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