Protection program benefits GR
Hundreds of jobs protected
July 22, 2020
Businesses in Green River received More than $2 million in loans created through the Coronavirus Aid, Relief and Economic Security Act.
In total, the amount protected 745 jobs, according to data released by the U.S. Department of the Treasury. The CARES Act was approved by Congress to help address economic fallout from the COVID-19 pandemic. One of the areas funded by the act created a Paycheck Protection Program through the Small Business Administration, which allowed employers to apply for loans to help stave off layoffs.
Loans requesting less than $150,000 amounted to $1.18 million for 95 businesses and protected 467 jobs in Green River. In Granger, two businesses applied for PPP funding, receiving $88,832.35 and protecting eight jobs. In Rock Springs, 381 businesses seeking less than $150,000 collected $14 million in loans, protecting 1,998 jobs.
Two Green River businesses applied for loans ranging between $350,000-$1 million. Castle Rock Hospital District and Mandros Painting applied for loans in this range, protecting 128 jobs in total. Seven other businesses within Green River applied for loans ranging from $150,000-350,000. They are:
DJ’s Glass Plus, protecting 27 jobs
JJC Fabrication and Mine Maintenance, protecting 16 jobs
Longhorn Construction, protecting 18 jobs
Mountain States Rail Services, protecting 18 jobs
Ranchhand Welding and Fabrication, protecting 17 jobs
Sweetwater County Child Developmental Center, protecting 42 jobs
Yeager’s Auto Body, protecting 12 jobs
Green River-based businesses did not apply for loans amounting to more than $1 million, but several Rock Springs businesses received loans in the $1-2 million range. They are:
Cannon Oil and Gas Well Service Inc., protected 109 jobs
Hall Trucking, Inc., protected 80 jobs
John Bunning Transfer Company, protected 96 jobs
Mountain States Pressure Service, protected 76 jobs
Searle Bros. Construction Company, protected 56 jobs
Stim-Tech Inc., protected 51 jobs
Businesses may have an easier time getting their loans forgiven by the government if a bill supported by Sen. Mike Enzi and Sen. John Barrasso is signed.
The bipartisan bill aims to streamline the process to forgive businesses requesting less than $150,000 in loan funding.
“The COVID-19 pandemic has hit small businesses especially hard,” Enzi said in a statement. “This legislation would simplify and streamline the forgiveness process for Paycheck Protection Program loans under $150,000. It would allow small businesses to focus on what’s important, using their time and energy to keep their businesses afloat.”
Businesses would be required to submit a single-page attestation form to their lender.
The form would also hold the lender harmless from any action resulting from false information provided by the borrower.
According to a release from the senators, approximately 3.7 million PPP loans of $150,000 or less account for 85% of all loans, but only 26 percent of the PPP loans were delivered. The bill has 18 cosponsors, including Barrasso and Enzi.