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PPP Loan Data — Innovative Office Solutions, LLC, Burnsville, MN

SBA PPP loan data, payroll data, and salaries for Innovative Office Solutions, LLC
MN

Innovative Office Solutions, LLC

Entity: Partnership

Industry: Other Direct Selling Establishments

Location: Burnsville, MN

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Innovative Office Solutions, LLC is a partnership located at 151 Cliff Road East in Burnsville, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,749,500.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.75M

Jobs Retained:

266

Loan Approved:

2020-04-06

Lender:

NATIONAL BANK OF COMMERCE

Innovative Office Solutions, LLC received a Paycheck Protection Loan of $3.75M through NATIONAL BANK OF COMMERCE, which was approved in April, 2020.

Based on standard PPP eligibility rules, Innovative Office Solutions, LLC's total 2019 payroll expenses were approximately $18M in order to qualify for the PPP loan amount received.

Based on their reported 266 jobs retained, this equals an estimated average yearly compensation of $67,660 per employee1.

Because the loan received by Innovative Office Solutions, 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 - Innovative Office Solutions, LLC in Burnsville, MN

Innovative Office Solutions, LLC
151 Cliff Road East
Burnsville, MN 55337

Business Industry

Other Direct Selling Establishments (NAICS code 454390)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MN-02

Similar Companies near Burnsville

In the Burnsville area, 7 businesses in the "Other Direct Selling Establishments" industry received a PPP loan. These local businesses reported an average of 46 employees (compared to this company's 266) and received an average PPP loan of $607,080 (compared to this company's $3.75M).

Industry PPP Comparison Statistics

Nationwide, 11,977 businesses in the "Other Direct Selling Establishments" industry received a total of $632,841,121.00 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 5 employees, 98% lower than Innovative Office Solutions, LLC's reported 266 employees, and received an average PPP loan of $52,838, 99% lower than this company's loan of $3.75M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/innovative-office-solutions-llc-burnsville-mn