Biggest PPP loans in the Tri-Lakes
The largest Paycheck Protection Program loan in the Tri-Lakes area was given to St. Joseph’s Addiction Treatment and Recovery Centers, based in Saranac Lake but also with locations in Tupper Lake, Malone, Massena, Elizabethtown, Ticonderoga and Keeseville. It received a grant in the $2 million to $5 million range, reportedly retaining 239 jobs.
The U.S. Small Business Administration has released data on PPP loans over $150,000. In the Tri-Lakes area, several dozen small businesses and nonprofit organizations — those with under 500 employees each — received millions in loans to continue to pay employees while the COVID-19 shutdown impacts their revenue. These include health services, construction companies and many hotels.
These larger PPP loans reportedly retained an estimated total of 2,349 jobs in the Tri-Lakes area during the coronavirus pandemic, according to the SBA.
The SBA’s list did not give specific dollar amounts but gave ranges instead. It also listed each loan’s lender.
PPP loans “will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities,” according to the SBA. For this forgiveness, the loan must be spent within 24 weeks (a little more than five months) of being issued, and at least 60% of the forgiven amount must have been used for payroll. Otherwise, PPP loans have 1% interest and a maturity of two years if issued before June 5 and five if received after that date. Payments are deferred for the first six months.
The U.S. Treasury Department website has PPP loan data posted, but the USA Today Network’s New York newspapers have compiled it in a searchable database at https://data.pressconnects.com/paycheck-protection-program-loans.
Companies that received $1 million to $2 million loans in this village are as follows: 85 Old Military Road Operating Company (Elderwood of Uihlein), Lake Placid Vacation Corp. (the Lussi family, which owns and runs the Crowne Plaza Resort and Lake Placid Club golf courses), Mountain Lake Children’s Residence, The Cottage Corp. (associated with the Mirror Lake Inn) and Uh-WL Operating Tenant (Whiteface Lodge).
AWH Lake Placid Hotel (High Peaks Resort), Ger Am Properties (Golden Arrow), Lake Placid Advertiser’s Workshop (which does business as Workshop), North Country School and Northwood School each received a loan in the $350,000 to $1 million range.
Barlow Advertising, Big Slide Brewery, GBD Lake Placid (Courtyard Marriott hotel), Great Adirondack Steak and Seafood, Lake Placid Sports Medicine, Mirror Lake Inn, Mishanec Family Industries (Lisa G’s), Mountain Medical, Lake Placid Pub and Brewery, Whiteface Club and Resort, and the U.S. Luge Association each received a loan between $150,000 and $350,000.
In total, the data shows these loans retained 1,304 jobs in Lake Placid.
While St. Joseph’s got the biggest PPP loan in this village, Saranac Lake’s North Country Home Services followed with a $1 million to $2 million loan, retaining 163 jobs.
Bionique Testing Laboratories, Cascade Builders, P.J. Hyde and Sons (Hyde Fuel) and the Trudeau Institute were each granted a loan between $350,000 and $1 million.
Adirondack Internal Medicine and Pediatrics, Fogarty’s Lake Flower Marina, Hari Krusna Inc. (Best Western Hotel), High Peaks Distributing, Mountain Medical Services, Nori’s Village Market, Tissot Construction, Trudeau Sand and Gravel, and Upstate Auto were each granted loans between $150,000 and $350,000.
In total, the data shows these loans retained 845 jobs in Saranac Lake.
The Wild Center and Paul Mitchell Logging were the lop loan recipients in Tupper Lake, each receiving between $350,000 to $1 million, retaining 40 and 28 jobs, respectively.
Adirondack Classic Designs (home construction), Adirondack Leasing MJH Corp., Day Wholesale, Richards Logging, Shaheen’s Market and Tupper Lake Hardwoods were each loaned between $150,000 and $350,000.
The data shows that through these loans, Tupper Lake retained 200 jobs altogether.