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PPP Loan Data — Esop-Metro Sales, Inc., Minneapolis, MN

SBA PPP loan data, payroll data, and salaries for Esop-Metro Sales, Inc.
MN

Esop-Metro Sales, Inc.

Entity: Employee Stock Ownership Plan (esop)

Industry: Office Machinery and Equipment Rental and Leasing

Location: Minneapolis, MN

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Esop-Metro Sales, Inc. is an employee stock ownership plan (esop) located at 1620 East 78th St in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $4,551,800.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.55M

Jobs Retained:

262

Loan Approved:

2020-04-07

Lender:

FIRST INTERNATIONAL BANK & TRUST

Esop-Metro Sales, Inc. received a Paycheck Protection Loan of $4.55M through FIRST INTERNATIONAL BANK & TRUST, which was approved in April, 2020.

Based on standard PPP eligibility rules, Esop-Metro Sales, Inc.'s total 2019 payroll expenses were approximately $21.85M in order to qualify for the PPP loan amount received.

Based on their reported 262 jobs retained, this equals an estimated average yearly compensation of $83,392 per employee1.

Because the loan received by Esop-Metro Sales, 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 - Esop-Metro Sales, Inc. in Minneapolis, MN

Esop-Metro Sales, Inc.
1620 East 78th St
Minneapolis, MN 55423

Business Industry

Office Machinery and Equipment Rental and Leasing (NAICS code 532420)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MN-05

Industry PPP Comparison Statistics

Nationwide, 767 businesses in the "Office Machinery and Equipment Rental and Leasing" industry received a total of $145,896,756.00 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 14 employees, 95% lower than Esop-Metro Sales, Inc.'s reported 262 employees, and received an average PPP loan of $190,217, 96% lower than this company's loan of $4.55M.

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/esop-metro-sales-inc-minneapolis-mn