PPP Loan Data — Micro Control Company, Minneapolis, MN
Micro Control Company is a corporation located at 7956 Main Street Ne in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,210,800.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Old National Bank
Micro Control Company in Minneapolis, MN received a Paycheck Protection Loan of $2.21M through Old National Bank, which was approved in April, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Micro Control Company's 2019 payroll expenses are estimated to be at least $10.61M.
Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $64,314 per employee1
Reported PPP Proceed Usage:
On the PPP application, Micro Control Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,210,800
Business Information - Micro Control Company in Minneapolis, MN
7956 Main Street Ne
Minneapolis, MN 55432
Semiconductor and Related Device Manufacturing
NAICS code 334413
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,042 businesses in the "Semiconductor and Related Device Manufacturing" industry received a total of $333.38M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 22 employees, 87% lower than Micro Control Company's reported 165 employees, and received an average PPP loan of $319,944, 86% lower than this company's loan of $2.21M.
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Footnotes & Information
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