PPP Loan Data — Merchant & Gould PC, Minneapolis, MN
Merchant & Gould PC is a subchapter s corporation located at 150 South Fifth St in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $4,005,500.00 in April, 2020.
$ PPP Loan Information
Lender:AMERICAN NATIONAL BANK
Merchant & Gould PC in Minneapolis, MN received a Paycheck Protection Loan of $4.01M through AMERICAN NATIONAL BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 20 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
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 192.
Based on standard PPP eligibility rules, Merchant & Gould PC's total 2019 payroll expenses were approximately $19.23M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 20 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Merchant & Gould PC in Minneapolis, MN
150 South Fifth St
Minneapolis, MN 55402
Offices of Lawyers (NAICS code 541110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-05
Similar Companies near Minneapolis
In the Minneapolis area, 211 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 20) and received an average PPP loan of $483,852 (compared to this company's $4.01M).
Similar Nearby Businesses Who Received PPP Funding:
Schwegman Lundberg & Woessner, PA
Honsa Rodd Landry
Law Offices Of Ryan Garry, LLC
Pauly, Devries Smith & Deffner LLC
Cooper Law, LLC
Parker & Wenner PA
Mack And Santana Law Offices PC
Glassman Law Firm
Seager, Tufte & Wickhem, LLP
Industry PPP Comparison Statistics
Nationwide, 126,779 businesses in the "Offices of Lawyers" industry received a total of $11,918,471,350.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 70% lower than Merchant & Gould PC's reported 20 employees, and received an average PPP loan of $94,010, 98% lower than this company's loan of $4.01M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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