PPP Loan Data — L & B Excavating, Inc, Menahga, MN
L & B Excavating, Inc
Location: Menahga, MNTweet This • Search All PPP Data
L & B Excavating, Inc is a corporation located at 36710 141st Ave in Menahga, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,156.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least five people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Community First Bank
L & B Excavating, Inc in Menahga, MN received a Paycheck Protection Loan of $25,156 through Community First 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 January, 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, L & B Excavating, Inc's 2019 payroll expenses are estimated to be at least $120,749.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,150 per employee1
Reported PPP Proceed Usage:
On the PPP application, L & B Excavating, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,156
Business Information - L & B Excavating, Inc in Menahga, MN
36710 141st Ave
Menahga, MN 56464
Water and Sewer Line and Related Structures Construction
NAICS code 237110
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: Rural
Similar Companies near Menahga
In the Menahga area, 2 businesses in the "Water and Sewer Line and Related Structures Construction" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $19,763 (compared to this company's $25,156).
Similar Nearby Businesses Who Received PPP Funding:
Backhoe Pete LLC
Industry PPP Comparison Statistics
Nationwide, 8,904 businesses in the "Water and Sewer Line and Related Structures Construction" industry received a total of $1.93B 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 17 employees, 240% higher than L & B Excavating, Inc's reported 5 employees, and received an average PPP loan of $216,804, 762% higher than this company's loan of $25,156.
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Footnotes & Information
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