PPP Loan Data — In'tech Industries, Inc, Anoka, MN
In'tech Industries, Inc is a corporation located at 7180 Sunwood Dr in Anoka, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,675,910.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 145 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
In'tech Industries, Inc in Anoka, MN received a Paycheck Protection Loan of $1.68M through Fidelity 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 May, 2021.
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, In'tech Industries, Inc's 2019 payroll expenses are estimated to be at least $8.04M.
Based on their reported 145 jobs retained, this equals an estimated average yearly compensation of $55,478 per employee1
Reported PPP Proceed Usage:
On the PPP application, In'tech Industries, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,548,818
- Utilities: $40,044
- Mortgage Interest: $24,389
- Rent: $62,659
Business Information - In'tech Industries, Inc in Anoka, MN
7180 Sunwood Dr
Anoka, MN 55303
All Other Plastics Product Manufacturing
NAICS code 326199
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Anoka
In the Anoka area, 6 businesses in the "All Other Plastics Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 77 employees (compared to this company's 145) and received an average PPP loan of $950,105 (compared to this company's $1.68M).
Similar Nearby Businesses Who Received PPP Funding:
In'tech Industries Inc
Ultra Acrylic's Inc
Ham Lake, MN
The Dynamic Group Inc
FAB Tech Plastics, LLC
Industry PPP Comparison Statistics
Nationwide, 5,013 businesses in the "All Other Plastics Product Manufacturing" industry received a total of $1.67B 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 34 employees, 77% lower than In'tech Industries, Inc's reported 145 employees, and received an average PPP loan of $333,733, 80% lower than this company's loan of $1.68M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!