PPP Loan Data — Gravie, Inc, Minneapolis, MN
Gravie, Inc is a corporation located at 10 S 5th Street 650 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,551,700.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:BMO Harris Bank National Association
Gravie, Inc in Minneapolis, MN received a Paycheck Protection Loan of $1.55M through BMO Harris Bank National Association, 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
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, Gravie, Inc's 2019 payroll expenses are estimated to be at least $7.45M.
Based on their reported 76 jobs retained, this equals an estimated average yearly compensation of $98,002 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gravie, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,551,700
Business Information - Gravie, Inc in Minneapolis, MN
10 S 5th Street 650
Minneapolis, MN 55402
All Other Insurance Related Activities
NAICS code 524298
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 4 businesses in the "All Other Insurance Related Activities" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 76) and received an average PPP loan of $398,633 (compared to this company's $1.55M).
Similar Nearby Businesses Who Received PPP Funding:
Tripoli Risk Management LLC
Industry PPP Comparison Statistics
Nationwide, 12,557 businesses in the "All Other Insurance Related Activities" industry received a total of $538.36M 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 4 employees, 95% lower than Gravie, Inc's reported 76 employees, and received an average PPP loan of $42,873, 97% lower than this company's loan of $1.55M.
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Footnotes & Information
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