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Early in December, the United States Small Business Administration released all Payment Protection Program (PPP) loan data for loans less than $150,000.
A total of $949,517.25 went to 277 Marshalltown employers in loans less than $150,000, while a total of $1,574,792.81 in funds went to 37 Marshalltown employers in loans more than $150,000.
Funds from PPP loans have helped businesses keep their employees on payroll during the COVID-19 pandemic. The Small Business Administration will forgive loans if business’s meet employee retention criteria and funds are correctly used for eligible expenses.
The funds must be spent within a 24-week period, and 60 percent of those funds must be spent on payroll while generally maintaining their usual employee count and payroll costs.
Joe Fisher
The Marshalltown City Council will continue making annual payments of $100,000 to the Fisher Community Center as previously agreed upon despite the building being unusable because of derecho damage.
In 2019, the council approved an agreement to make $100,000 annual payments to the Fisher Community Center for rent, operations and maintenance. The issue of continuing these payments was raised during Monday’s regular council meeting for clarity on whether public use was a precursor for payment with tax levy dollars.
The council moved to continue payments and note public use is not a requirement for payment.
The center sustained significant damage during the derecho in August and has since been unavailable for public use. Before the storm, the Fisher Governor Foundation which oversees the center began having its unique art collection restored. About $350,000 was raised for the restoration project.