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PPP Loan Data — James Penske,
Belview, MN
James Penske
Entity: Sole Proprietorship
Industry: Corn Farming
Location: Belview, MN
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James Penske is a sole proprietorship located in Belview, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,025.00 in March, 2021.
The company has reported itself as a White male owned business, and employed at least one person during the applicable loan loan period.
$
PPP Loan Information
Loan #5111108601
Loan Size:
Jobs Retained:
1Loan Approved:
2021-03-20Loan Status:
Paid in Full or ForgivenLender:
First Independent BankJames Penske in Belview, MN received a Paycheck Protection Loan of $25,025 through First Independent Bank, which was approved in March, 2021.
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 July, 2021.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, James Penske reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,022
- Utilities: $1
Business Information - James Penske in Belview, MN
Belview, MN
* Full address is redacted to protect the privacy of individuals.
Business Industry:
Corn Farming
NAICS code 111150
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Similar Companies near Belview
In the Belview area, 138 businesses in the "Corn Farming" industry received a PPP loan. These local businesses reported an average of 1 employees (compared to this company's 1) and received an average PPP loan of $16,550 (compared to this company's $25,025).
Similar Nearby Businesses Who Received PPP Funding:
Neal Klassen
Benson, MN
Philip Goff
Benson, MN
Arnold Pagel
Benson, MN
Luverne Flower
Benson, MN
Michael Hoverud
Benson, MN
Scott Lee
Benson, MN
Jacob Ascheman
Benson, MN
David Frentzel
Benson, MN
Industry PPP Comparison Statistics
Nationwide, 91,161 businesses in the "Corn Farming" industry received a total of $1.75B 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 2 employees, 100% higher than James Penske's reported 1 employees, and received an average PPP loan of $19,198, 23% lower than this company's loan of $25,025.
James Penske
Entity: Sole Proprietorship
Industry: All Other Grain Farming
Location: Belview, MN
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James Penske is a sole proprietorship located at 32637 Fairview Ave in Belview, Minnesota that received a Coronavirus-related PPP loan from the SBA of $9,575.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least two people during the applicable loan loan period.
$
PPP Loan Information
Loan #3996007400
Loan Size:
Jobs Retained:
2Loan Approved:
2020-05-08Loan Status:
Paid in Full or ForgivenLender:
AgCountry Farm Credit Service, PCAJames Penske in Belview, MN received a Paycheck Protection Loan of $9,575 through AgCountry Farm Credit Service, PCA, which was approved in May, 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 January, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, James Penske's 2019 payroll expenses are estimated to be at least $45,960.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $22,980 per employee1
Reported PPP Proceed Usage:
On the PPP application, James Penske reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $9,575
Business Information - James Penske in Belview, MN
32637 Fairview Ave
Belview, MN 56214
Business Industry:
All Other Grain Farming
NAICS code 111199
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Similar Companies near Belview
In the Belview area, 13 businesses in the "All Other Grain Farming" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 2) and received an average PPP loan of $88,017 (compared to this company's $9,575).
Similar Nearby Businesses Who Received PPP Funding:
Chippewa Valley Ethanol Company
Benson, MN
Ronald Evenson
Benson, MN
Cory Anderson
Benson, MN
Aaron Schmidt
Benson, MN
Sam Jensen
Benson, MN
Randall Hilleren
Benson, MN
Allen Saunders
Benson, MN
The Walter & Ramona Young Flp
Benson, MN
Industry PPP Comparison Statistics
Nationwide, 39,380 businesses in the "All Other Grain Farming" industry received a total of $776.21M 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 2 employees, the same amount reported by James Penske and received an average PPP loan of $19,711, 106% higher than this company's loan of $9,575.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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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