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PPP Loan Data — Hutchinson Manufacturing Holdings, LLC, Hutchinson, MN

SBA PPP loan data, payroll data, and salaries for Hutchinson Manufacturing Holdings, LLC
MN

Hutchinson Manufacturing Holdings, LLC

Entity: Limited Liability Company (LLC)

Industry: Plate Work Manufacturing

Location: Hutchinson, MN

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Hutchinson Manufacturing Holdings, LLC is a limited liability company (LLC) located at 720 Highway 7 W in Hutchinson, Minnesota that received a Coronavirus-related PPP loan from the SBA of $4,586,000.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.59M

Jobs Retained:

260

Loan Approved:

2020-04-07

Lender:

BRIDGEWATER BANK

Hutchinson Manufacturing Holdings, LLC in Hutchinson, MN received a Paycheck Protection Loan of $4.59M through BRIDGEWATER BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Hutchinson Manufacturing Holdings, LLC's total 2019 payroll expenses were approximately $22.01M in order to qualify for the PPP loan amount received.

Based on their reported 260 jobs retained, this equals an estimated average yearly compensation of $84,665 per employee1.

Because the loan received by Hutchinson Manufacturing Holdings, LLC is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Hutchinson Manufacturing Holdings, LLC in Hutchinson, MN

Hutchinson Manufacturing Holdings, LLC
720 Highway 7 W
Hutchinson, MN 55350

Business Industry

Plate Work Manufacturing (NAICS code 332313)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MN-07

Industry PPP Comparison Statistics

Nationwide, 1,433 businesses in the "Plate Work Manufacturing" industry received a total of $345,161,838.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 19 employees, 93% lower than Hutchinson Manufacturing Holdings, LLC's reported 260 employees, and received an average PPP loan of $240,867, 95% lower than this company's loan of $4.59M.

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, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. 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/hutchinson-manufacturing-holdings-llc-hutchinson-mn