PPP Loan Data — H.m. Cragg Co, Minneapolis, MN
H.m. Cragg Co
Entity: Subchapter S Corporation
Location: Minneapolis, MNTweet This • Search All PPP Data
H.m. Cragg Co is a subchapter s corporation located at 7490 Bush Lake Road in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,545,870.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:U.S. Bank, National Association
H.m. Cragg Co in Minneapolis, MN received a Paycheck Protection Loan of $1.55M through U.S. Bank, National Association, 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 December, 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, H.m. Cragg Co's 2019 payroll expenses are estimated to be at least $7.42M.
Based on their reported 78 jobs retained, this equals an estimated average yearly compensation of $95,130 per employee1
Reported PPP Proceed Usage:
On the PPP application, H.m. Cragg Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,545,870
Business Information - H.m. Cragg Co in Minneapolis, MN
7490 Bush Lake Road
Minneapolis, MN 55439
Other Electronic Parts and Equipment Merchant Wholesalers
NAICS code 423690
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, 3 businesses in the "Other Electronic Parts and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 78) and received an average PPP loan of $580,123 (compared to this company's $1.55M).
Similar Nearby Businesses Who Received PPP Funding:
Dawson, Nystrom, & Raiche Sales Inc
Industry PPP Comparison Statistics
Nationwide, 4,801 businesses in the "Other Electronic Parts and Equipment Merchant Wholesalers" industry received a total of $613M 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 11 employees, 86% lower than H.m. Cragg Co's reported 78 employees, and received an average PPP loan of $127,682, 92% lower than this company's loan of $1.55M.
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