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PPP Loan Data — Loyal Transit Network, Fridley, MN

SBA PPP loan data, payroll data, and salaries for Loyal Transit Network
MN

Loyal Transit Network

Entity: Self-employed Individual

Industry: School and Employee Bus Transportation

Location: Fridley, MN

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Loyal Transit Network is a self-employed individual located in Fridley, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,014.00 in July, 2020.

The company has reported itself as a Black or african american male owned business, and employed at least one person during the applicable loan loan period.

$ PPP Loan Information
Loan #8797068109

Loan Size:

$3,014

Jobs Retained:

1

Loan Approved:

2020-07-27

Loan Status:

Ongoing Loan

Lender:

Cross River Bank

Loyal Transit Network in Fridley, MN received a Paycheck Protection Loan of $3,014 through Cross River Bank, which was approved in July, 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.


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, Loyal Transit Network reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,014

Business Information - Loyal Transit Network in Fridley, MN

Loyal Transit Network
Fridley, MN
* Full address is redacted to protect the privacy of individuals.

Business Industry:
School and Employee Bus Transportation
NAICS code 485410

Business Owner Demographics

Race: Black or African American

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: Y

HUBZone: N

Rural / Urban: Urban

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

Similar Companies near Fridley

In the Fridley area, 12 businesses in the "School and Employee Bus Transportation" industry received a PPP loan. These local businesses reported an average of 60 employees (compared to this company's 1) and received an average PPP loan of $379,227 (compared to this company's $3,014).

Industry PPP Comparison Statistics

Nationwide, 3,404 businesses in the "School and Employee Bus Transportation" industry received a total of $526.33M 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 29 employees, 2800% higher than Loyal Transit Network's reported 1 employees, and received an average PPP loan of $154,620, 5030% higher than this company's loan of $3,014.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/loyal-transit-network-fridley-mn