NEW ULM, Minn. (KEYC) - The recently extended paycheck protection program is set out to help businesses nationwide stay afloat, and here in southern Minnesota, it did just that.
$515 billion dollars have been given out since April in loans to help struggling companies cover payroll and rent and the program was recently extended to August 8.
In New Ulm, Schell’s Brewery received about $1,000,000 through the program. It helped them keep about 65 full-time employees on the payroll when they were shut down to the public.
“Realistically the big thing that would have happened had we not had the loan is just the stability in an incredibly unstable time already being able to keep people on the payroll and let them know hey you’ve got a job you’ve got consistent income coming in, that kind of stability during those couple months where it was just brutal, you can’t even measure that,” says Kyle Marti from Schell’s Brewery.
Marti says they’re still seeing the side effects of being closed, estimating their production is down about 25 percent right now, but he’s hopeful that will improve in the near future. Schell’s beer garden is open for guests now, along with the gift shop on-site. Tours are not taking place.