PPP Loan Data — Fred Adiyia, Minneapolis, MN
Entity: Sole Proprietorship
Location: Minneapolis, MNTweet This • Search All PPP Data
Fred Adiyia is a sole proprietorship located at 7601 Wayzata Blvd #202 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:BMO Harris Bank National Association
Fred Adiyia in Minneapolis, MN received a Paycheck Protection Loan of $25,000 through BMO Harris Bank National Association, which was approved in May, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in May, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Fred Adiyia's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fred Adiyia reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Fred Adiyia in Minneapolis, MN
7601 Wayzata Blvd #202
Minneapolis, MN 55426
Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers
NAICS code 423810
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,476 businesses in the "Construction and Mining (except Oil Well) Machinery and Equipment Merchant Wholesalers" industry received a total of $591.54M 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 13 employees, 550% higher than Fred Adiyia's reported 2 employees, and received an average PPP loan of $170,179, 581% higher than this company's loan of $25,000.
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Footnotes & Information
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