PPP Loan Data — Indelco Plastics Corporation, Minneapolis, MN
Indelco Plastics Corporation is a subchapter s corporation located at 6530 Cambridge Street in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,120,700.00 in April, 2020.
The company has reported itself as a White owned business, and employed at least 157 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Old National Bank
Indelco Plastics Corporation in Minneapolis, MN received a Paycheck Protection Loan of $2.12M through Old National Bank, which was approved in April, 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.
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, Indelco Plastics Corporation's 2019 payroll expenses are estimated to be at least $10.18M.
Based on their reported 157 jobs retained, this equals an estimated average yearly compensation of $64,837 per employee1
Reported PPP Proceed Usage:
On the PPP application, Indelco Plastics Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,120,700
Business Information - Indelco Plastics Corporation in Minneapolis, MN
6530 Cambridge Street
Minneapolis, MN 55426
Plastics Pipe and Pipe Fitting Manufacturing
NAICS code 326122
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 254 businesses in the "Plastics Pipe and Pipe Fitting Manufacturing" industry received a total of $88.03M 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 32 employees, 80% lower than Indelco Plastics Corporation's reported 157 employees, and received an average PPP loan of $346,565, 84% lower than this company's loan of $2.12M.
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Footnotes & Information
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