PPP Loan Data — Egan Company, Minneapolis, MN
Entity: Subchapter S Corporation
Location: Minneapolis, MNTweet This • Search All PPP Data
Egan Company is a subchapter s corporation located at 7625 Boone Ave North in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.
$ PPP Loan Information
Lender:BMO HARRIS BANK NATIONAL ASSOCIATION
Egan Company in Minneapolis, MN received a Paycheck Protection Loan of $10M through BMO HARRIS BANK NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Egan Company's total 2019 payroll expenses were approximately $48M in order to qualify for the PPP loan amount received.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee1.
Business Information - Egan Company in Minneapolis, MN
7625 Boone Ave North
Minneapolis, MN 55428
Plumbing, Heating, and Air-Conditioning Contractors (NAICS code 238220)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-03
Similar Companies near Minneapolis
In the Minneapolis area, 19 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 70 employees (compared to this company's 500) and received an average PPP loan of $1,432,503 (compared to this company's $10M).
Similar Nearby Businesses Who Received PPP Funding:
Blue Ox Heating & Air, LLC
Mr Maison Plumbing And Heating LLC
New Hope, MN
Northland Mechanical Contractors, Inc
GTS HVAC Inc
Brooklyn Center, MN
Pfiffner Heating & Air Conditioning Svc
Brooklyn Park, MN
MAG Mechanical LLC
Noah Acquisitions LLC
GV Heating & Air, Inc.
Industry PPP Comparison Statistics
Nationwide, 60,482 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $9,373,583,135.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 98% lower than Egan Company's reported 500 employees, and received an average PPP loan of $154,981, 98% lower than this company's loan of $10M.
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, 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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