PPP Loan Data — Memories Renewed, Spring Lake Park, MN
Entity: Subchapter S Corporation
Location: Spring Lake Park, MNTweet This • Search All PPP Data
Memories Renewed is a subchapter s corporation located at 933 Manor Drive Ne in Spring Lake Park, Minnesota that received a Coronavirus-related PPP loan from the SBA of $87,676.00 in April, 2020.
$ PPP Loan Information
Lender:CELTIC BANK CORPORATION
Memories Renewed received a Paycheck Protection Loan of $87,676 through CELTIC BANK CORPORATION, which was approved in April, 2020.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 0.
Based on standard PPP eligibility rules, Memories Renewed's total 2019 payroll expenses were approximately $420,845 in order to qualify for the PPP loan amount received.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $46,761 per employee1.
Business Information - Memories Renewed in Spring Lake Park, MN
933 Manor Drive Ne
Spring Lake Park, MN 55432
All Other Professional, Scientific, and Technical Services (NAICS code 541990)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-05
Similar Companies near Spring Lake Park
In the Spring Lake Park area, 12 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 9) and received an average PPP loan of $349,528 (compared to this company's $87,676).
Similar Nearby Businesses Who Received PPP Funding:
Klasrobinson Q.E.D., Inc.
Metropolitan Cardiac Services
Coon Rapids, MN
Schmidt & Ole Laboratory LLC
Wcec Industrial Services LLC
Leonine Technologies Inc.
Supply Chain Solutions Inc.
T3 Trans, LLC
Betmar Languages, Inc.
Industry PPP Comparison Statistics
Nationwide, 63,722 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a total of $4,746,522,934.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 33% lower than Memories Renewed's reported 9 employees, and received an average PPP loan of $74,488, 15% lower than this company's loan of $87,676.
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.
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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