Several Businesses Receive At Least $1M
Almost two dozen businesses and nonprofit organizations within Chautauqua County have received at least $1 million through the federal Paycheck Protection Program.
The loans — meant as a lifeline by infusing cash to prevent layoffs amid the coronavirus pandemic — went to a variety of local industries, from Brooks Memorial Hospital and Chautauqua Institution to Lutheran Social Services and Jamestown Advanced Products. Loans are forgiven if all employee retention criteria are met, and the funds are used for eligible expenses.
The Small Business Administration and Treasury Department released details this week regarding 660,000 PPP loans, which include the names of businesses, loan amount, date of approval and number of reported jobs supported. According to that data, 22 loans of at least $1 million have been approved to businesses in the county.
“COVID really hit people hard, and the Paycheck Protection Program really helped keep these businesses afloat during these difficult times,” said Mark Geise, deputy county executive for economic development and CEO of the county Industrial Development Agency. “Every little bit helps, and certainly the PPP was a good tool.”
Geise said several local businesses have approached the IDA for assistance due to the economic downturn brought on by COVID-19. He said the ALTech loan fund, a primary source of assistance used to support manufacturing businesses, has run out of money.
“We lent it all out,” Geise said, noting that of the $250,000 in the fund, $10,000 was split between 25 businesses. “We are applying to re-capitalize the revolving loan through the CARES Act.”
Locally, Brooks Memorial Hospital has received about $5 million in PPP funding, which will be used to support 344 employees.
“(This) will allow the hospital to keep staff on the payroll and continue servicing our community,” U.S. Rep. Tom Reed, R-Corning, said in early May, about a week after Brooks was approved for the loan. “My deepest gratitude and thanks go out to all the staff and front-line medical workers.” Reed visited Brooks to announce an advancement on the funding.
Other loans of at least $1 million in the county include:
¯ Maplevale Farms Inc., Falconer, $2-5 million to support 199 workers;
¯ Monofrax LLC, Falconer, $2-5 million to support 158 workers;
¯ Hope’s Windows Inc., $2-5 million to support 192 workers;
¯ Jamestown Container Co., Falconer, $2-5 million to support 500 workers;
¯ Lutheran Social Services Group Inc., $2-5 million to support 320 workers;
¯ TitanX Engine Cooling Inc., Jamestown, $2-5 million to support 212 workers;
¯ Chautauqua Institution, $2-5 million, to support 177 workers;
¯ The Chautauqua Center Inc., Dunkirk, $1-2 million to support 120 workers;
¯ Faculty Student Association at SUNY Fredonia, $1-2 million to support 168 workers;
¯ A.W. Farrell & Son Inc., Dunkirk, $2-5 million to support 366 workers;
¯ Inscape Inc., Falconer, $1-2 million;
¯ Premier Precision Machining, Falconer, $1-2 million to support 108 workers;
¯ Seneca Nation of Indian, Irving, $1-2 million;
¯ Weber Knapp Company Inc., Lakewood, $1-2 million;
¯ Bowser-Regal Inc., Ripley, $1-2 million to 94 workers;
¯ Renold Inc., Westfield, $1-2 million to support 88 workers;
¯ Dawson Doors, Jamestown, $1-2 million to support 85 workers;
¯ Family Health Medical Services, Jamestown, $1-2 million to support 96 workers;
¯ Jamestown Advances Products Corp., $1-2 million to support 106 workers;
¯ The Chautauqua Center Inc., Dunkirk, $1-2 million to support 120 workers; and
¯ Southern Tier Environments For Living Inc., Dunkirk, $1-2 million to support 149 workers.
¯ Betts Industries Inc., $2-5 million
¯ Crrossett, $2-5 million
¯ Whirley Industries Inc., $2-5 million to support 426 workers
¯ John Anderson Construction Inc., $1-2 million to support 20 workers