PPP Loan Data — Metal-Matic Inc., Minneapolis, MN
Entity: Subchapter S Corporation
Location: Minneapolis, MNTweet This • Search All PPP Data
Metal-Matic Inc. is a subchapter s corporation located at 629 2nd St Se in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $7,948,610.00 in April, 2020.
$ PPP Loan Information
Jobs Retained:0 Unreported
Lender:TCF NATIONAL BANK
Metal-Matic Inc. in Minneapolis, MN received a Paycheck Protection Loan of $7.95M through TCF NATIONAL BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Metal-Matic Inc.'s total 2019 payroll expenses were approximately $38.15M in order to qualify for the PPP loan amount received.
Unlike most businesses, Metal-Matic 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.
Business Information - Metal-Matic Inc. in Minneapolis, MN
629 2nd St Se
Minneapolis, MN 55414
Iron and Steel Pipe and Tube Manufacturing from Purchased Steel (NAICS code 331210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-05
Industry PPP Comparison Statistics
Nationwide, 804 businesses in the "Iron and Steel Pipe and Tube Manufacturing from Purchased Steel" industry received a total of $294,504,645.00 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 27 employees, and received an average PPP loan of $366,299, 95% lower than this company's loan of $7.95M.
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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