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PPP Loan Data — Avenica Inc,
Minneapolis, MN
Avenica Inc
Entity: Corporation
Industry: Employment Placement Agencies
Location: Minneapolis, MN
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Avenica Inc is a corporation located at 708 N 1st St Ste 245 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #2415558504
Loan Size:
Jobs Retained:
259Loan Approved:
2021-02-20Loan Status:
Ongoing LoanLender:
Bremer Bank, National AssociationAvenica Inc in Minneapolis, MN received a Paycheck Protection Loan of $2M through Bremer Bank, National Association, which was approved in February, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Avenica Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 259 jobs retained, this equals an estimated average yearly compensation of $37,066 per employee1
Reported PPP Proceed Usage:
On the PPP application, Avenica Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Avenica Inc in Minneapolis, MN
708 N 1st St Ste 245
Minneapolis, MN 55401
Business Industry:
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 10 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 70 employees (compared to this company's 259) and received an average PPP loan of $599,621 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
MTW Recruit LLC
Minneapolis, MN
Stone Arch Services LLC
Minneapolis, MN
Hired
Minneapolis, MN
ESP Systems Professionals Inc
Minneapolis, MN
Pixie Dust Inc
Minneapolis, MN
ARC Group Inc
Minneapolis, MN
The Marcomm Department Inc
Minneapolis, MN
Industry PPP Comparison Statistics
Nationwide, 12,514 businesses in the "Employment Placement Agencies" industry received a total of $3.47B in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 35 employees, 86% lower than Avenica Inc's reported 259 employees, and received an average PPP loan of $277,549, 86% lower than this company's loan of $2M.
Avenica, Inc
Entity: Corporation
Industry: All Other Professional, Scientific, and Technical Services
Location: Minneapolis, MN
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Avenica, Inc is a corporation located at 708 1st Street North, Ste 245 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,561,100.00 in April, 2020.
$
PPP Loan Information
Loan #8507467009
Loan Size:
Jobs Retained:
259Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
Bremer Bank, National AssociationAvenica, Inc in Minneapolis, MN received a Paycheck Protection Loan of $2.56M through Bremer Bank, National Association, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in September, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Avenica, Inc's 2019 payroll expenses are estimated to be at least $12.29M.
Based on their reported 259 jobs retained, this equals an estimated average yearly compensation of $47,464 per employee1
Reported PPP Proceed Usage:
On the PPP application, Avenica, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,561,100
Business Information - Avenica, Inc in Minneapolis, MN
708 1st Street North, Ste 245
Minneapolis, MN 55401
Business Industry:
All Other Professional, Scientific, and Technical Services
NAICS code 541990
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 41 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 259) and received an average PPP loan of $203,274 (compared to this company's $2.56M).
Similar Nearby Businesses Who Received PPP Funding:
Midwest Pension & Profit Sharing Services, Inc
Minneapolis, MN
Merchant Service Innovations LLC
Minneapolis, MN
Whitmoresearch LLC
Minneapolis, MN
Talberg Brokerage Company
Minneapolis, MN
Leon Hushcha
Minneapolis, MN
Hunny Digital LLC
Minneapolis, MN
National Jury Project, Midwest
Minneapolis, MN
Alexander Baron
Minneapolis, MN
Jbecca LLC
Minneapolis, MN
Industry PPP Comparison Statistics
Nationwide, 128,302 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a total of $7.37B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 5 employees, 98% lower than Avenica, Inc's reported 259 employees, and received an average PPP loan of $57,481, 98% lower than this company's loan of $2.56M.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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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