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PPP Loan Data — Cortec Corp., Saint Paul, MN

SBA PPP loan data, payroll data, and salaries for Cortec Corp.
MN

Cortec Corp.

Entity: Corporation

Industry: All Other Miscellaneous Chemical Product and Preparation Manufacturing

Location: Saint Paul, MN

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Cortec Corp. is a corporation located at 4119 White Bear Parkway in Saint Paul, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,613,660.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 165 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.61M

Jobs Retained:

165

Loan Approved:

2020-04-15

Lender:

U.S. BANK, NATIONAL ASSOCIATION

Cortec Corp. received a Paycheck Protection Loan of $2.61M through U.S. BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Cortec Corp.'s total 2019 payroll expenses were approximately $12.55M in order to qualify for the PPP loan amount received.

Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $76,034 per employee1.

Because the loan received by Cortec Corp. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Cortec Corp. in Saint Paul, MN

Cortec Corp.
4119 White Bear Parkway
Saint Paul, MN 55110

Business Industry

All Other Miscellaneous Chemical Product and Preparation Manufacturing (NAICS code 325998)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MN-04

Industry PPP Comparison Statistics

Nationwide, 1,244 businesses in the "All Other Miscellaneous Chemical Product and Preparation Manufacturing" industry received a total of $327,617,499.00 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 18 employees, 89% lower than Cortec Corp.'s reported 165 employees, and received an average PPP loan of $263,358, 90% lower than this company's loan of $2.61M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/cortec-corp-saint-paul-mn