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PPP Loan Data — Gardner Builders Holdings LLC, Minneapolis, MN

SBA PPP loan data, payroll data, and salaries for Gardner Builders Holdings LLC
MN

Gardner Builders Holdings LLC

Entity: Limited Liability Company (LLC)

Industry: Commercial and Institutional Building Construction

Location: Minneapolis, MN

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Gardner Builders Holdings LLC is a limited liability company (LLC) located at 730 S 2nd Ave Suite 1233 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,876,650.00 in April, 2020.

$ PPP Loan Information
Loan #1607437104

Loan Size:

$2.88M

Jobs Retained:

138

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

Tradition Capital Bank
Likely Employment Reduction3

Gardner Builders Holdings LLC in Minneapolis, MN received a Paycheck Protection Loan of $2.88M through Tradition Capital 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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 138 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 138. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, Gardner Builders Holdings LLC's 2019 payroll expenses are estimated to be at least $13.81M (not accounting for salary amounts > $100k).

Because the 138 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Gardner Builders Holdings LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,157,490
  • Utilities: $143,829
  • Rent: $575,331
Because the loan received by Gardner Builders Holdings LLC 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 - Gardner Builders Holdings LLC in Minneapolis, MN

Gardner Builders Holdings LLC
730 S 2nd Ave Suite 1233
Minneapolis, MN 55402

Business Industry:
Commercial and Institutional Building Construction
NAICS code 236220

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 14 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 40 employees (compared to this company's 138) and received an average PPP loan of $784,728 (compared to this company's $2.88M).

Industry PPP Comparison Statistics

Nationwide, 77,396 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.37B 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 12 employees, 91% lower than Gardner Builders Holdings LLC's reported 138 employees, and received an average PPP loan of $159,889, 94% lower than this company's loan of $2.88M.

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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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Source: www.federalpay.org/paycheck-protection-program/gardner-builders-holdings-llc-minneapolis-mn