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PPP Loan Data — Lori Drossel, Melrose, MN

ALERT: There are 2 PPP loans for a total of $16,864 in our database for businesses with the name "Lori Drossel" in Melrose, MN. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Lori Drossel
MN

Lori Drossel

Entity: Sole Proprietorship

Industry: Private Households

Location: Melrose, MN

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Lori Drossel is a sole proprietorship located in Melrose, Minnesota that received a Coronavirus-related PPP loan from the SBA of $10,464.00 in April, 2021.

The company has reported itself as a White female owned business, and employed at least one person during the applicable loan loan period.

$ PPP Loan Information
Loan #5433928810

Loan Size:

$10,464

Jobs Retained:

1

Loan Approved:

2021-04-17

Loan Status:

Paid in Full or Forgiven

Lender:

Central Minnesota CU

Lori Drossel in Melrose, MN received a Paycheck Protection Loan of $10,464 through Central Minnesota CU, which was approved in April, 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 September, 2021.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

On the PPP application, Lori Drossel reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $10,464

Business Information - Lori Drossel in Melrose, MN

Lori Drossel
Melrose, MN
* Full address is redacted to protect the privacy of individuals.

Business Industry:
Private Households
NAICS code 814110

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Female Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Stearns County, MN — SBA Office 0508 — Congressional District: MN-07

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Lori Drossel.

Drossel Farm, Inc
Hog and Pig Farming

$9,300 PPP Loan

Similar Companies near Melrose

In the Melrose area, 6 businesses in the "Private Households" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 1) and received an average PPP loan of $16,276 (compared to this company's $10,464).

Industry PPP Comparison Statistics

Nationwide, 5,391 businesses in the "Private Households" industry received a total of $120.67M 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 3 employees, 200% higher than Lori Drossel's reported 1 employees, and received an average PPP loan of $22,384, 114% higher than this company's loan of $10,464.

SBA PPP loan data, payroll data, and salaries for Lori Drossel
MN

Lori Drossel

Entity: Sole Proprietorship

Industry: Beauty Salons

Location: Melrose, MN

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Lori Drossel is a sole proprietorship located in Melrose, Minnesota that received a Coronavirus-related PPP loan from the SBA of $6,400.00 in April, 2020.

The company has reported itself as a White female owned business, and employed at least one person during the applicable loan loan period.

$ PPP Loan Information
Loan #8637177101

Loan Size:

$6,400

Jobs Retained:

1

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

Central Minnesota CU

Lori Drossel in Melrose, MN received a Paycheck Protection Loan of $6,400 through Central Minnesota CU, 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 June, 2021.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

On the PPP application, Lori Drossel reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $4,800
  • Rent: $1,600

Business Information - Lori Drossel in Melrose, MN

Lori Drossel
Melrose, MN
* Full address is redacted to protect the privacy of individuals.

Business Industry:
Beauty Salons
NAICS code 812112

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Female Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Stearns County, MN — SBA Office 0508 — Congressional District: MN-07

Similar Companies near Melrose

In the Melrose area, 16 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 1) and received an average PPP loan of $7,343 (compared to this company's $6,400).

Industry PPP Comparison Statistics

Nationwide, 459,305 businesses in the "Beauty Salons" industry received a total of $8.59B in PPP loans. These businesses account for 4% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 2 employees, 100% higher than Lori Drossel's reported 1 employees, and received an average PPP loan of $18,694, 192% higher than this company's loan of $6,400.

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/lori-drossel-melrose-mn