PPP Loan Data — Grand Inn Of Moorhead, Moorhead, MN
Grand Inn Of Moorhead is a corporation located at 810 Belsly Blvd in Moorhead, Minnesota that received a Coronavirus-related PPP loan from the SBA of $45,745.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Valley Premier Bank
Grand Inn Of Moorhead in Moorhead, MN received a Paycheck Protection Loan of $45,745 through Valley Premier Bank, which was approved in January, 2021.
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, Grand Inn Of Moorhead's 2019 payroll expenses are estimated to be at least $219,576.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $43,915 per employee1
Reported PPP Proceed Usage:
On the PPP application, Grand Inn Of Moorhead reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $45,742
- Utilities: $1
Business Information - Grand Inn Of Moorhead in Moorhead, MN
810 Belsly Blvd
Moorhead, MN 56560
Hotels (except Casino Hotels) and Motels
NAICS code 721110
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Moorhead
In the Moorhead area, 9 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 5) and received an average PPP loan of $63,168 (compared to this company's $45,745).
Similar Nearby Businesses Who Received PPP Funding:
Grand Inn Of Moorhead, Inc
Green Pastures, LLC
KCZ Properties LLC
RF Hospitality, LLC
Industry PPP Comparison Statistics
Nationwide, 82,605 businesses in the "Hotels (except Casino Hotels) and Motels" industry received a total of $13.95B 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 23 employees, 360% higher than Grand Inn Of Moorhead's reported 5 employees, and received an average PPP loan of $168,829, 269% higher than this company's loan of $45,745.
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Footnotes & Information
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