PPP Loan Data — Gresser Companies, Inc, Shakopee, MN

Gresser Companies, Inc is a corporation located at 3 Checkered Flag Blvd in Shakopee, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,907,760.00 in April, 2020.

$ PPP Loan Information

Loan #8414187009

Gresser Companies, Inc in Shakopee, MN received a Paycheck Protection Loan of $3.91M through Tradition Capital Bank, which was approved in April, 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 June, 2020.

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 152 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 188. 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

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, Gresser Companies, Inc's 2019 payroll expenses are estimated to be at least $18.76M (not accounting for salary amounts > $100k).

Because the 152 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, Gresser Companies, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $2,930,820
• Utilities: $195,388
• Rent: $781,552

Business Information - Gresser Companies, Inc in Shakopee, MN

Similar Companies near Shakopee

In the Shakopee area, 8 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a PPP loan. These local businesses reported an average of 27 employees (compared to this company's 152) and received an average PPP loan of $588,179 (compared to this company's $3.91M).

Industry PPP Comparison Statistics

Nationwide, 21,567 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a total of $3.02B 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, 91% lower than Gresser Companies, Inc's reported 152 employees, and received an average PPP loan of $139,835, 96% lower than this company's loan of $3.91M.