Connect With Us

Inside INdiana Business
Subscribe Now Log In
  • Home
  • News
    • Education
    • Health
    • Tech
    • STEM
    • Advanced Manufacturing & Logistics
    • Life Sciences
    • Ag INnovation
    • INPower
  • Videos
  • Big Wigs
    • Submit Big Wigs
  • Events
    • Engage Central Indiana – Indianapolis
    • Engage Northeast Indiana – Fort Wayne
    • Engage West Central Indiana – Terre Haute
    • Engage Greater Lafayette – West Lafayette
    • Engage Northwest Indiana – Valparaiso
    • Engage South Bend – Elkhart
    • Engage Southwest Indiana – Evansville
  • Newsletters
  • Podcasts
  • On-Air
    • TV & Radio Listings
  • Contact
    • About IIB
    • Meet the Team
    • Contact Us
    • Advertise
    • Gift Cards
    • Flagship Stations
    • Gerry’s Message
    • Speaking Engagement Request

Connect With Us

Terre Haute Coal Company Receives $10M Loan

Wednesday, April 22, 2020 12:52 PM EDT Updated: Thursday, April 23, 2020 09:16 AM EDT
By Mary Roberts, Writer/Reporter
Terre Haute Coal Company Receives $10M Loan (photo courtesy of Hallador Energy)

A coal company headquartered in Terre Haute says it is receiving funding through the Paycheck Protection Program, which Congress now hopes to fund again through a new COVID-19 relief package. In a company news release, Hallador Energy reported it received a $10 million dollar loan approval.

Hallador says it plans to utilize PPP funds to pay two months of payroll and other covered expenses.

The program is intended to support small businesses, which are often those with less than 500 employees. However, the definition of ‘small business’ varies by industry. Some coal-mining firms with up to 1,500 employees could qualify for the PPP loan.

A recent filing with the government shows Hallador had 768 employees, after the closure of the Sunrise Coal Mine in Carlisle.

In the company release, Hallador said, “Under the terms of the CARES Act, the Company expects at least 80% of the loan to be forgiven by maintaining current staffing levels through June 30, 2020.”

The initial $349 billion in funding for the PPP through the Small Business Administration ran out last week, not long after being established. President Donald Trump tweeted support for the new relief package on Tuesday. The plan includes more than $300 billion more funding for the PPP. The Senate passed it Tuesday evening, and a House vote is expected later this week.

Hallador’s release said it expects lower sales of 6.5 million tons in 2020 versus prior guidance of 6.7 million tons due to the impact of COVID-19. Hallador also anticipates shipments being weighted towards the second half of the year.

The release also included other steps the company was taking to improve liquidity. Those include; amending its credit agreement to increase its allowable leverage ratios, providing approximately $50 million in liquidity, and suspending its quarterly dividend indefinitely.

Story Continues Below

Most Popular Stories

  • IU board approves 3% tuition jump after large-scale fee audit

  • Fort Wayne Metals acquires tantalum equipment

  • Indiana to get $21M for railroad safety reform

  • Portions of Monument Circle, Georgia Street to become pedestrian-only

  • Bloomington launches pilot employee tuition reimbursement program

  • Purdue opens new hypersonic research facility

Perspectives

Co-funders strengthen community health programs

Co-funders strengthen community health programs

As we are often reminded, Indiana ranks near the bottom of virtually every health-related national ranking. Whether it’s a study of overall health or a measure of specific health metrics, our state is among the worst.  ...

Inside INdiana Business

Inside INdiana Business
A division of IBJ Media

1 Monument Circle, Suite 300
Indianapolis, IN 46204

PHONE: (317) 634-6200

FAX: (317) 263-5060

NEWSLETTER@IIBNEWS.COM

  • Home
  • News
  • Videos
  • Gerry Dick
  • Newsletters
  • On-Air
  • Contact

Copyright © 2023 All Rights Reserved Privacy Policy | Terms of Service