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PPP Loan Data — Fairmont Foods, Inc, Fairmont, MN

SBA PPP loan data, payroll data, and salaries for Fairmont Foods, Inc
MN

Fairmont Foods, Inc

Entity: Corporation

Industry: Frozen Specialty Food Manufacturing

Location: Fairmont, MN

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Fairmont Foods, Inc is a corporation located at 905 E 4th St. in Fairmont, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,684,100.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 328 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5999377008

Loan Size:

$2.68M

Jobs Retained:

328

Loan Approved:

2020-04-06

Loan Status:

Ongoing Loan

Lender:

Deerwood Bank

Fairmont Foods, Inc in Fairmont, MN received a Paycheck Protection Loan of $2.68M through Deerwood Bank, 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, Fairmont Foods, Inc's 2019 payroll expenses are estimated to be at least $12.88M.

Based on their reported 328 jobs retained, this equals an estimated average yearly compensation of $39,280 per employee1

Reported PPP Proceed Usage:

On the PPP application, Fairmont Foods, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,095,310
  • Utilities: $301,355
  • Mortgage Interest: $33,000
  • Rent: $43,632
  • Health Care: $146,803
  • Debt Interest: $64,000
Because the loan received by Fairmont Foods, 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 - Fairmont Foods, Inc in Fairmont, MN

Fairmont Foods, Inc
905 E 4th St.
Fairmont, MN 56031

Business Industry:
Frozen Specialty Food Manufacturing
NAICS code 311412

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Martin County, MN — SBA Office 0508 — Congressional District: MN-01

Industry PPP Comparison Statistics

Nationwide, 747 businesses in the "Frozen Specialty Food Manufacturing" industry received a total of $196.96M 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 31 employees, 91% lower than Fairmont Foods, Inc's reported 328 employees, and received an average PPP loan of $263,671, 90% lower than this company's loan of $2.68M.

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.

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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/fairmont-foods-inc-fairmont-mn