PPP Loan Data — Industrial Door Company, Inc, Minneapolis, MN
Industrial Door Company, Inc is a corporation located at 306 Coon Rapids Blvd in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,271,700.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least 198 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Old National Bank
Industrial Door Company, Inc in Minneapolis, MN received a Paycheck Protection Loan of $2.27M through Old National Bank, which was approved in April, 2020.
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, Industrial Door Company, Inc's 2019 payroll expenses are estimated to be at least $10.9M.
Based on their reported 198 jobs retained, this equals an estimated average yearly compensation of $55,072 per employee1
Reported PPP Proceed Usage:
On the PPP application, Industrial Door Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,271,700
Business Information - Industrial Door Company, Inc in Minneapolis, MN
306 Coon Rapids Blvd
Minneapolis, MN 55433
NAICS code 332613
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 319 businesses in the "Spring Manufacturing" industry received a total of $137.42M 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 37 employees, 81% lower than Industrial Door Company, Inc's reported 198 employees, and received an average PPP loan of $430,774, 81% lower than this company's loan of $2.27M.
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Footnotes & Information
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