PPP Loan Data — Geriatric Services Of Minnesota, LLC, Minneapolis, MN
Geriatric Services Of Minnesota, LLC
Entity: Limited Liability Company (LLC)
Location: Minneapolis, MNTweet This • Search All PPP Data
Geriatric Services Of Minnesota, LLC is a limited liability company (LLC) located at 3433 Broadway Street Ne, Suite 300 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,455,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bremer Bank, National Association
Geriatric Services Of Minnesota, LLC in Minneapolis, MN received a Paycheck Protection Loan of $2.46M through Bremer Bank, National Association, which was approved in April, 2020.
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, Geriatric Services Of Minnesota, LLC's 2019 payroll expenses are estimated to be at least $11.78M.
Based on their reported 168 jobs retained, this equals an estimated average yearly compensation of $70,146 per employee1
Reported PPP Proceed Usage:
On the PPP application, Geriatric Services Of Minnesota, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,455,100
Business Information - Geriatric Services Of Minnesota, LLC in Minneapolis, MN
3433 Broadway Street Ne, Suite 300
Minneapolis, MN 55406
Services for the Elderly and Persons with Disabilities
NAICS code 624120
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 18 businesses in the "Services for the Elderly and Persons with Disabilities" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 168) and received an average PPP loan of $197,120 (compared to this company's $2.46M).
Similar Nearby Businesses Who Received PPP Funding:
Amaana Adult Daycare Center Inc
Somali Senior Center Inc
Twin Cities Senior Center Inc
Salama Adult Care, LLC
Tranquility Adult Daycare Service LLC
The Nokomis Healthy Seniors Program
Better Home Health Care, Inc
Salama Adult Care Inc
Upstream Arts Inc
Industry PPP Comparison Statistics
Nationwide, 13,270 businesses in the "Services for the Elderly and Persons with Disabilities" industry received a total of $2.13B 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 27 employees, 84% lower than Geriatric Services Of Minnesota, LLC's reported 168 employees, and received an average PPP loan of $160,784, 93% lower than this company's loan of $2.46M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!