PPP Loan Data — Minnesota AG Power Inc, Glencoe, MN
Minnesota AG Power Inc
Entity: Subchapter S Corporation
Location: Glencoe, MNTweet This • Search All PPP Data
Minnesota AG Power Inc is a subchapter s corporation located at 4561 Highway 212 in Glencoe, Minnesota that received a Coronavirus-related PPP loan from the SBA of $5,002,500.00 in April, 2020.
$ PPP Loan Information
Minnesota AG Power Inc received a Paycheck Protection Loan of $5M through EAGLE BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Minnesota AG Power Inc's total 2019 payroll expenses were approximately $24.01M in order to qualify for the PPP loan amount received.
Based on their reported 365 jobs retained, this equals an estimated average yearly compensation of $65,786 per employee1.
Business Information - Minnesota AG Power Inc in Glencoe, MN
4561 Highway 212
Glencoe, MN 55336
Farm and Garden Machinery and Equipment Merchant Wholesalers (NAICS code 423820)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-07
Similar Companies near Glencoe
In the Glencoe area, 4 businesses in the "Farm and Garden Machinery and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 99 employees (compared to this company's 365) and received an average PPP loan of $1,396,898 (compared to this company's $5M).
Similar Nearby Businesses Who Received PPP Funding:
Haukos Brothers, Inc.
H Equipment, LLC
Trenchers Plus, Inc.
Industry PPP Comparison Statistics
Nationwide, 2,270 businesses in the "Farm and Garden Machinery and Equipment Merchant Wholesalers" industry received a total of $573,983,487.00 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 19 employees, 95% lower than Minnesota AG Power Inc's reported 365 employees, and received an average PPP loan of $252,856, 95% lower than this company's loan of $5M.
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.
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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