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PPP Loan Data — Mate Precision Tooling Inc., Anoka, MN

SBA PPP loan data, payroll data, and salaries for Mate Precision Tooling Inc.
MN

Mate Precision Tooling Inc.

Entity: Corporation

Industry: Cutting Tool and Machine Tool Accessory Manufacturing

Location: Anoka, MN

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Mate Precision Tooling Inc. is a corporation located at 1295 Lund Blvd in Anoka, Minnesota that received a Coronavirus-related PPP loan from the SBA of $5,010,800.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.01M

Jobs Retained:

0 Unreported

Loan Approved:

2020-04-05

Lender:

SUNRISE BANKS, NATIONAL ASSOCIATION

Mate Precision Tooling Inc. received a Paycheck Protection Loan of $5.01M through SUNRISE BANKS, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Mate Precision Tooling Inc.'s total 2019 payroll expenses were approximately $24.05M in order to qualify for the PPP loan amount received.

Unlike most businesses, Mate Precision Tooling Inc.'s PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.

Because the loan received by Mate Precision Tooling Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Mate Precision Tooling Inc. in Anoka, MN

Mate Precision Tooling Inc.
1295 Lund Blvd
Anoka, MN 55303

Business Industry

Cutting Tool and Machine Tool Accessory Manufacturing (NAICS code 333515)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MN-06

Similar Companies near Anoka

In the Anoka area, 2 businesses in the "Cutting Tool and Machine Tool Accessory Manufacturing" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 0) and received an average PPP loan of $2,544,350 (compared to this company's $5.01M).

Similar Nearby Businesses Who Received PPP Funding:

Digital Automation Technical Service, Inc
Ramsey, MN

$77,900 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 987 businesses in the "Cutting Tool and Machine Tool Accessory Manufacturing" industry received a total of $240,488,771.00 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, and received an average PPP loan of $243,656, 95% lower than this company's loan of $5.01M.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/mate-precision-tooling-inc-anoka-mn