PPP Loan Data — Minnesota Valley Testing Laboratories I, New Ulm, MN
Minnesota Valley Testing Laboratories I is a corporation located at 1126 N Front Street in New Ulm, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,791,400.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 180 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Americana Community Bank
Minnesota Valley Testing Laboratories I in New Ulm, MN received a Paycheck Protection Loan of $1.79M through Americana Community Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in December, 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, Minnesota Valley Testing Laboratories I's 2019 payroll expenses are estimated to be at least $8.6M.
Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $47,771 per employee1
Reported PPP Proceed Usage:
On the PPP application, Minnesota Valley Testing Laboratories I reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,433,120
- Utilities: $71,656
- Mortgage Interest: $71,656
- Rent: $71,656
- Health Care: $71,656
- Debt Interest: $71,656
Business Information - Minnesota Valley Testing Laboratories I in New Ulm, MN
1126 N Front Street
New Ulm, MN 56073
NAICS code 541380
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near New Ulm
In the New Ulm area, 2 businesses in the "Testing Laboratories" industry received a PPP loan. These local businesses reported an average of 112 employees (compared to this company's 180) and received an average PPP loan of $973,637 (compared to this company's $1.79M).
Similar Nearby Businesses Who Received PPP Funding:
Frontier Labs MN LLC
New Ulm, MN
Industry PPP Comparison Statistics
Nationwide, 4,541 businesses in the "Testing Laboratories" industry received a total of $814.04M 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 16 employees, 91% lower than Minnesota Valley Testing Laboratories I's reported 180 employees, and received an average PPP loan of $179,264, 90% lower than this company's loan of $1.79M.
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Footnotes & Information
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