PPP Loan Data — Mount Olivet Careview Home, Minneapolis, MN
Mount Olivet Careview Home
Entity: Non-profit Organization
Location: Minneapolis, MNTweet This • Search All PPP Data
Mount Olivet Careview Home is a non-profit organization located at 5517 Lyndale Ave South in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,831,800.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Choice Financial Group
Mount Olivet Careview Home in Minneapolis, MN received a Paycheck Protection Loan of $2.83M through Choice Financial Group, 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, Mount Olivet Careview Home's 2019 payroll expenses are estimated to be at least $13.59M.
Based on their reported 402 jobs retained, this equals an estimated average yearly compensation of $33,813 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mount Olivet Careview Home reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,831,800
Business Information - Mount Olivet Careview Home in Minneapolis, MN
5517 Lyndale Ave South
Minneapolis, MN 55416
Services for the Elderly and Persons with Disabilities
NAICS code 624120
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 4 businesses in the "Services for the Elderly and Persons with Disabilities" industry received a PPP loan. These local businesses reported an average of 111 employees (compared to this company's 402) and received an average PPP loan of $774,386 (compared to this company's $2.83M).
Similar Nearby Businesses Who Received PPP Funding:
At Your Service Senior Assistance
St Louis Park, MN
Pathfinder Senior Care Consulting
Mount Olivet Day Services
Industry PPP Comparison Statistics
Nationwide, 13,270 businesses in the "Services for the Elderly and Persons with Disabilities" industry received a total of $2.13B 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 27 employees, 93% lower than Mount Olivet Careview Home's reported 402 employees, and received an average PPP loan of $160,784, 94% lower than this company's loan of $2.83M.
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Footnotes & Information
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