PPP Loan Data — Holden Electric Co., Inc, Baxter, MN
Holden Electric Co., Inc
Entity: Subchapter S Corporation
Location: Baxter, MNTweet This • Search All PPP Data
Holden Electric Co., Inc is a subchapter s corporation located at 7669 College Road in Baxter, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,811,400.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least 77 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Holden Electric Co., Inc in Baxter, MN received a Paycheck Protection Loan of $1.81M through RiverWood 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 February, 2021.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 77 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 87. 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, Holden Electric Co., Inc's 2019 payroll expenses are estimated to be at least $8.69M (not accounting for salary amounts > $100k).
Because the 77 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, Holden Electric Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,811,400
Business Information - Holden Electric Co., Inc in Baxter, MN
7669 College Road
Baxter, MN 56425
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Baxter
In the Baxter area, 6 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 77) and received an average PPP loan of $484,553 (compared to this company's $1.81M).
Similar Nearby Businesses Who Received PPP Funding:
Vision Technology Inc
Jim's Electric Co., Inc
Vision Electrical Services Inc
Sound Communications Inc
Industry PPP Comparison Statistics
Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B 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 Holden Electric Co., Inc's reported 77 employees, and received an average PPP loan of $142,494, 92% lower than this company's loan of $1.81M.
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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