PPP Loan Data — Astrup Drug Inc, Austin, MN
Astrup Drug Inc is a corporation located at 905 N Main St in Austin, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,879,000.00 in April, 2020.
$ PPP Loan Information
Lender:FLAGSHIP BANK MINNESOTA
Astrup Drug Inc received a Paycheck Protection Loan of $2.88M through FLAGSHIP BANK MINNESOTA, which was approved in April, 2020.
Based on standard PPP eligibility rules, Astrup Drug Inc's total 2019 payroll expenses were approximately $13.82M in order to qualify for the PPP loan amount received.
Based on their reported 369 jobs retained, this equals an estimated average yearly compensation of $37,450 per employee1.
Business Information - Astrup Drug Inc in Austin, MN
905 N Main St
Austin, MN 55912
Pharmacies and Drug Stores (NAICS code 446110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-01
Similar Companies near Austin
In the Austin area, 3 businesses in the "Pharmacies and Drug Stores" industry received a PPP loan. These local businesses reported an average of 137 employees (compared to this company's 369) and received an average PPP loan of $1,111,252 (compared to this company's $2.88M).
Similar Nearby Businesses Who Received PPP Funding:
Claamp Co Inc
Industry PPP Comparison Statistics
Nationwide, 14,099 businesses in the "Pharmacies and Drug Stores" industry received a total of $1,400,178,844.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 10 employees, 97% lower than Astrup Drug Inc's reported 369 employees, and received an average PPP loan of $99,311, 97% lower than this company's loan of $2.88M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA.
Footnotes & Information
1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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