PPP Loan Data — Malco Products Sbc, Annandale, MN
Malco Products Sbc is a subchapter s corporation located at 14080 State Highway 55 in Annandale, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,576,200.00 in April, 2020.
$ PPP Loan Information
Lender:LAKE CENTRAL BANK
Malco Products Sbc in Annandale, MN received a Paycheck Protection Loan of $2.58M through LAKE CENTRAL BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Malco Products Sbc's total 2019 payroll expenses were approximately $12.37M in order to qualify for the PPP loan amount received.
Based on their reported 186 jobs retained, this equals an estimated average yearly compensation of $66,483 per employee1.
Business Information - Malco Products Sbc in Annandale, MN
14080 State Highway 55
Annandale, MN 55302
Saw Blade and Handtool Manufacturing (NAICS code 332216)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-06
Industry PPP Comparison Statistics
Nationwide, 544 businesses in the "Saw Blade and Handtool Manufacturing" industry received a total of $114,805,142.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 17 employees, 91% lower than Malco Products Sbc's reported 186 employees, and received an average PPP loan of $211,039, 92% lower than this company's loan of $2.58M.
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, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. 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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