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PPP Loan Data — Dooley's Petroleum Inc, Willmar, MN

ALERT: There are 2 PPP loans for a total of $4.14M in our database for businesses with the name "Dooley's Petroleum Inc" in Willmar, 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 Dooley's Petroleum Inc
MN

Dooley's Petroleum Inc

Entity: Subchapter S Corporation

Industry: Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)

Location: Willmar, MN

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Dooley's Petroleum Inc is a subchapter s corporation located at 3101 3rd Ave Sw in Willmar, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,990,000.00 in January, 2021.

The company has reported itself as a male owned business, and employed at least 214 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4293058300

Loan Size:

$1.99M

Jobs Retained:

214

Loan Approved:

2021-01-23

Loan Status:

Ongoing Loan

Lender:

Citizens Alliance Bank

Dooley's Petroleum Inc in Willmar, MN received a Paycheck Protection Loan of $1.99M through Citizens Alliance Bank, 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, Dooley's Petroleum Inc's 2019 payroll expenses are estimated to be at least $9.55M.

Based on their reported 214 jobs retained, this equals an estimated average yearly compensation of $44,636 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $1,989,997
  • Utilities: $1

Business Information - Dooley's Petroleum Inc in Willmar, MN

Dooley's Petroleum Inc
3101 3rd Ave Sw
Willmar, MN 56201

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Kandiyohi County, MN — SBA Office 0508 — Congressional District: MN-07

Similar Companies near Willmar

In the Willmar area, 5 businesses in the "Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)" industry received a PPP loan. These local businesses reported an average of 100 employees (compared to this company's 214) and received an average PPP loan of $1,016,277 (compared to this company's $1.99M).

Industry PPP Comparison Statistics

Nationwide, 3,489 businesses in the "Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)" industry received a total of $829.53M 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 23 employees, 89% lower than Dooley's Petroleum Inc's reported 214 employees, and received an average PPP loan of $237,757, 88% lower than this company's loan of $1.99M.

SBA PPP loan data, payroll data, and salaries for Dooley's Petroleum, Inc
MN

Dooley's Petroleum, Inc

Entity: Subchapter S Corporation

Industry: Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)

Location: Willmar, MN

Search All PPP Data

Dooley's Petroleum, Inc is a subchapter s corporation located at 3101 3rd Ave Sw in Willmar, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,147,700.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 226 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5193087005

Loan Size:

$2.15M

Jobs Retained:

226

Loan Approved:

2020-04-05

Loan Status:

Ongoing Loan

Lender:

Bremer Bank, National Association

Dooley's Petroleum, Inc in Willmar, MN received a Paycheck Protection Loan of $2.15M through Bremer Bank, National Association, 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, Dooley's Petroleum, Inc's 2019 payroll expenses are estimated to be at least $10.31M.

Based on their reported 226 jobs retained, this equals an estimated average yearly compensation of $45,615 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $2,147,700
Because the loan received by Dooley's Petroleum, Inc 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 - Dooley's Petroleum, Inc in Willmar, MN

Dooley's Petroleum, Inc
3101 3rd Ave Sw
Willmar, MN 56201

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Kandiyohi County, MN — SBA Office 0508 — Congressional District: MN-07

Similar Companies near Willmar

In the Willmar area, 5 businesses in the "Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)" industry received a PPP loan. These local businesses reported an average of 100 employees (compared to this company's 226) and received an average PPP loan of $1,016,277 (compared to this company's $2.15M).

Industry PPP Comparison Statistics

Nationwide, 3,489 businesses in the "Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)" industry received a total of $829.53M 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 23 employees, 90% lower than Dooley's Petroleum, Inc's reported 226 employees, and received an average PPP loan of $237,757, 89% lower than this company's loan of $2.15M.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/dooleys-petroleum-inc-willmar-mn