PPP Loan Data — Hospital Pathology Associates PA, Minneapolis, MN
Hospital Pathology Associates PA
Location: Minneapolis, MNTweet This • Search All PPP Data
Hospital Pathology Associates PA is a corporation located at 2800 10th Ave S Ste 2200 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,971,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Old National Bank
Hospital Pathology Associates PA in Minneapolis, MN received a Paycheck Protection Loan of $1.97M through Old National 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, 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 72 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 95. 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, Hospital Pathology Associates PA's 2019 payroll expenses are estimated to be at least $9.46M (not accounting for salary amounts > $100k).
Because the 72 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, Hospital Pathology Associates PA reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,971,200
Business Information - Hospital Pathology Associates PA in Minneapolis, MN
2800 10th Ave S Ste 2200
Minneapolis, MN 55407
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 21 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 37 employees (compared to this company's 72) and received an average PPP loan of $433,484 (compared to this company's $1.97M).
Similar Nearby Businesses Who Received PPP Funding:
Clinic Femina LLC
Noran Neurological Clinic PA
Gargar Urgent Care & Clinic LLC
Tranquility Adult Daycare Service LLC
Community Care Clinic Of Minnesota
Minnesota Lung Center LTD
Uptown Dermatology And Skin Spa PA
South Minneapolis Walk-In Clinic LLC
Industry PPP Comparison Statistics
Nationwide, 176,926 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.07B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 3% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 85% lower than Hospital Pathology Associates PA's reported 72 employees, and received an average PPP loan of $119,087, 94% lower than this company's loan of $1.97M.
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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