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PPP Loan Data — KAB Dry Cleaning Inc, Minneapolis, MN

SBA PPP loan data, payroll data, and salaries for KAB Dry Cleaning Inc
MN

KAB Dry Cleaning Inc

Entity: Corporation

Industry: Full-Service Restaurants

Location: Minneapolis, MN

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KAB Dry Cleaning Inc is a corporation located at 1005 West Franklin West Suite 1 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $127,800.00 in April, 2020.

The company has reported itself as an Asian female owned business, and employed at least seven people during the applicable loan loan period.

$ PPP Loan Information
Loan #5007547009

Loan Size:

$127,800

Jobs Retained:

7

Loan Approved:

2020-04-04

Loan Status:

Ongoing Loan

Lender:

Choice Financial Group

KAB Dry Cleaning Inc in Minneapolis, MN received a Paycheck Protection Loan of $127,800 through Choice Financial Group, 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

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 More
Understanding 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 More

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, KAB Dry Cleaning Inc's 2019 payroll expenses are estimated to be at least $613,440.

Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $87,634 per employee1

Reported PPP Proceed Usage:

On the PPP application, KAB Dry Cleaning Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $127,800

Business Information - KAB Dry Cleaning Inc in Minneapolis, MN

KAB Dry Cleaning Inc
1005 West Franklin West Suite 1
Minneapolis, MN 55402

Business Industry:
Full-Service Restaurants
NAICS code 722511

Business Owner Demographics

Race: Asian

Ethnicity: Unreported

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 175 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 37 employees (compared to this company's 7) and received an average PPP loan of $334,534 (compared to this company's $127,800).

Industry PPP Comparison Statistics

Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 214% higher than KAB Dry Cleaning Inc's reported 7 employees, and received an average PPP loan of $129,504, 1% higher than this company's loan of $127,800.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/kab-dry-cleaning-inc-minneapolis-mn