Sage V Foods was awarded a PPP loan in the amount of $3.4 million dollars one week ago. While we had reservations about accepting the money, we ultimately took it as a precaution in the event our plant did shut down, like has happened with many other food processing facilities. First and foremost, we wanted to protect the health, safety, and livelihoods of our over 200 employees and their families.
It was always our intent to pay this money back, but have decided to do so earlier in order to ensure that other small businesses are able to benefit from this lifeline.
We decided to go public with the shortcomings of the now $800 Billion loan program for one reason only and that was to close the loophole allowing companies to keep money they didn’t need. Ultimately we hope that congress will take this into account and change the legislation.