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Kodiak businesses supported by Paycheck Protection Program

The federal government released information regarding recipients of the Paycheck Protection Program, and Kodiak businesses and organizations got a relatively small share of federal loans.

Kodiak businesses received between $10 million and $15 million from the Paycheck Protection Program, a program of the federal Small Business Administration intended to support businesses and non-profits who faced layoffs and closure in the early weeks of the COVID-19 economic shutdown.

About 250 businesses connected to Kodiak benefited from the PPP.

Two Kodiak companies—Brechan Construction and KANA—got loans between $1-2 million.

Companies getting at least $350,000 were Friend Contractors, Kodiak Island Health Care Foundation, which runs the Kodiak Community Health Center, and Island Air.

Three Kodiak native corporations—Koniag, Old Harbor Native Corporation, and Ouzinkie Native Corporation—also got between $350,000 and $1 million each.

Kodiak’s hospitality sector received some support, too. The Shelikof Lodge, Quality Inn, and Best Western got at least $150,000 each.

According to PPP data, 230 other companies in Kodiak got less than $150,000, but the federal government did not release identifying information about those smaller PPP loans.

The average loan was $30,000, and some loans were as small as a few hundred dollars.

In all, Kodiak’s PPP money is estimated to have supported more than 1,500 local jobs, nearly 30% of all jobs in Kodiak. The loans account for about 7% of Kodiak’s total payroll, which is about $200 million each year.

More than 11,000 Alaska businesses and non-profits received PPP loans. If at least 75% of the money is spent on payroll, then recipients do not have to pay it back.

Additional financial assistance for Kodiak businesses impacted by COVID-19 may be on the way. A new round of PPP loans may open up next month. And The Kodiak Economic Development Corporation and the Kodiak Island Borough are looking to inject another $2 million in stimulus grants later this month.

Disclaimer: Kodiak Public Broadcasting, KMXT’s parent corporation, received a PPP loan.

EDIT: This report has been edited to clarify the reference to what local non-profits received.

In our story we stated that the Senior Citizens of Kodiak, Inc. received between $150,000 and $350,000, but Executive Director Pat Branson said the Seniors received $134,000.

She said the reason they received that amount was because they have kept their entire staff onboard since March. And that the final amount was based on federal formulas.

The PPP funds were intended to help cover the cost of keeping workers employed through the COVID-19 pandemic crisis.