Local bike businesses were among the hundreds of thousands of U.S. companies that asked the federal government for assistance to weather the coronavirus storm.
Data released from the Small Business Administration last week revealed that at least four Portland bike shops and two other bike-related businesses received loans through the Paycheck Protection Program (PPP).
Here’s the list (company name, loan amount, number of jobs retained (if available)):
Fat Tire Farm
River City Bicycles
King Cycle Group
According to Bicycle Retailer and Industry News, these local companies were part of an estimated $40 million that was pumped into the bike industry. In total the Trump Administration worked through banks to issue about $660 billion in low-interest loans to companies and nonprofits. The loans are forgivable if companies meet certain conditions regarding hiring and employee salary levels.
See if your other favorite bike companies received loans by searching the database via Propublica.
— Jonathan Maus: (503) 706-8804, @jonathan_maus on Twitter and firstname.lastname@example.org
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