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PPP Loan Data — Hope Therapeutic Services, Minneapolis, MN

SBA PPP loan data, payroll data, and salaries for Hope Therapeutic Services
MN

Hope Therapeutic Services

Entity: Limited Liability Company (LLC)

Industry: Outpatient Mental Health and Substance Abuse Centers

Location: Minneapolis, MN

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Hope Therapeutic Services is a limited liability company (LLC) located in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $20,800.00 in June, 2020.

The company has reported itself as a Black or african american male owned business, and employed at least one person during the applicable loan loan period.

$ PPP Loan Information
Loan #6795797803

Loan Size:

$20,800

Jobs Retained:

1

Loan Approved:

2020-06-02

Loan Status:

Ongoing Loan

Lender:

Bell Bank

Hope Therapeutic Services in Minneapolis, MN received a Paycheck Protection Loan of $20,800 through Bell Bank, which was approved in June, 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.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

On the PPP application, Hope Therapeutic Services reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $20,800

Business Information - Hope Therapeutic Services in Minneapolis, MN

Hope Therapeutic Services
Minneapolis, MN
* Full address is redacted to protect the privacy of individuals.

Business Industry:
Outpatient Mental Health and Substance Abuse Centers
NAICS code 621420

Business Owner Demographics

Race: Black or African American

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 12 businesses in the "Outpatient Mental Health and Substance Abuse Centers" industry received a PPP loan. These local businesses reported an average of 50 employees (compared to this company's 1) and received an average PPP loan of $617,036 (compared to this company's $20,800).

Industry PPP Comparison Statistics

Nationwide, 9,919 businesses in the "Outpatient Mental Health and Substance Abuse Centers" industry received a total of $1.79B 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 20 employees, 1900% higher than Hope Therapeutic Services' reported 1 employees, and received an average PPP loan of $180,026, 766% higher than this company's loan of $20,800.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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Source: www.federalpay.org/paycheck-protection-program/hope-therapeutic-services-minneapolis-mn