PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Canelake's Candies Inc, Virginia, MN

ALERT: There are 2 PPP loans for a total of $47,822 in our database for businesses with the name "Canelake's Candies Inc" in Virginia, MN. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Canelake's Candies Inc
MN

Canelake's Candies Inc

Entity: Subchapter S Corporation

Industry: Confectionery and Nut Stores

Location: Virginia, MN

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Canelake's Candies Inc is a subchapter s corporation located at 414 Chestnut St in Virginia, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,005.00 in January, 2021.

$ PPP Loan Information
Loan #1070708304

Loan Size:

$25,005

Jobs Retained:

11

Loan Approved:

2021-01-16

Loan Status:

Ongoing Loan

Lender:

Northern State Bank of Virginia

Canelake's Candies Inc in Virginia, MN received a Paycheck Protection Loan of $25,005 through Northern State Bank of Virginia, which was approved in January, 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 More
Understanding 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 More

Based 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, Canelake's Candies Inc's 2019 payroll expenses are estimated to be at least $120,024.

Based on their reported 11 jobs retained, this equals an estimated average yearly compensation of $10,911 per employee1

Reported PPP Proceed Usage:

On the PPP application, Canelake's Candies Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,003
  • Utilities: $1

Business Information - Canelake's Candies Inc in Virginia, MN

Canelake's Candies Inc
414 Chestnut St
Virginia, MN 55792

Business Industry:
Confectionery and Nut Stores
NAICS code 445292

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: Y

HUBZone: Y

Rural / Urban: Rural

Saint Louis County, MN — SBA Office 0508 — Congressional District: MN-08

Industry PPP Comparison Statistics

Nationwide, 2,058 businesses in the "Confectionery and Nut Stores" industry received a total of $95.66M 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 10 employees, 9% lower than Canelake's Candies Inc's reported 11 employees, and received an average PPP loan of $46,483, 86% higher than this company's loan of $25,005.

SBA PPP loan data, payroll data, and salaries for Canelake's Candies Inc
MN

Canelake's Candies Inc

Entity: Subchapter S Corporation

Industry: Chocolate and Confectionery Manufacturing from Cacao Beans

Location: Virginia, MN

Search All PPP Data

Canelake's Candies Inc is a subchapter s corporation located at 414 Chestnut St in Virginia, Minnesota that received a Coronavirus-related PPP loan from the SBA of $22,817.00 in April, 2020.

The company has reported itself as a female owned business, and employed at least four people during the applicable loan loan period.

$ PPP Loan Information
Loan #7352337310

Loan Size:

$22,817

Jobs Retained:

4

Loan Approved:

2020-04-30

Loan Status:

Ongoing Loan

Lender:

Northern State Bank of Virginia

Canelake's Candies Inc in Virginia, MN received a Paycheck Protection Loan of $22,817 through Northern State Bank of Virginia, which was approved in April, 2020.

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 More
Understanding 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 More

Based 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, Canelake's Candies Inc's 2019 payroll expenses are estimated to be at least $109,522.

Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $27,381 per employee1

Reported PPP Proceed Usage:

On the PPP application, Canelake's Candies Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $18,254
  • Utilities: $2,282
  • Mortgage Interest: $2,282

Business Information - Canelake's Candies Inc in Virginia, MN

Canelake's Candies Inc
414 Chestnut St
Virginia, MN 55792

Business Industry:
Chocolate and Confectionery Manufacturing from Cacao Beans
NAICS code 311351

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Female Owned

Veteran Status: Unreported

Business Demographics

Business Age: Change of Ownership

LMI Zone: Y

HUBZone: Y

Rural / Urban: Rural

Saint Louis County, MN — SBA Office 0508 — Congressional District: MN-08

Industry PPP Comparison Statistics

Nationwide, 417 businesses in the "Chocolate and Confectionery Manufacturing from Cacao Beans" industry received a total of $52.68M 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 16 employees, 300% higher than Canelake's Candies Inc's reported 4 employees, and received an average PPP loan of $126,342, 454% higher than this company's loan of $22,817.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/canelakes-candies-inc-virginia-mn