PPP Loan Data — Hammerlund, Inc, Grand Rapids, MN
Hammerlund, Inc is a corporation located at 40 County Road 63 in Grand Rapids, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,511,900.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least fourteen people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Ultima Bank Minnesota
Hammerlund, Inc in Grand Rapids, MN received a Paycheck Protection Loan of $1.51M through Ultima Bank Minnesota, 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 14 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 73. 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
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, Hammerlund, Inc's 2019 payroll expenses are estimated to be at least $7.26M (not accounting for salary amounts > $100k).
Because the 14 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, Hammerlund, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,511,900
Business Information - Hammerlund, Inc in Grand Rapids, MN
40 County Road 63
Grand Rapids, MN 55744
Other Heavy and Civil Engineering Construction
NAICS code 237990
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Grand Rapids
In the Grand Rapids area, 2 businesses in the "Other Heavy and Civil Engineering Construction" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 14) and received an average PPP loan of $813,250 (compared to this company's $1.51M).
Similar Nearby Businesses Who Received PPP Funding:
Midwest Amphibious Equipment, LLC
Grand Rapids, MN
Industry PPP Comparison Statistics
Nationwide, 11,233 businesses in the "Other Heavy and Civil Engineering Construction" industry received a total of $2.63B 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 17 employees, 21% higher than Hammerlund, Inc's reported 14 employees, and received an average PPP loan of $234,414, 84% lower than this company's loan of $1.51M.
FederalPay's PPP Information Policy
Footnotes & Information
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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