PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Nodsle Construction LLC, Detroit Lakes, MN

SBA PPP loan data, payroll data, and salaries for Nodsle Construction LLC
MN

Nodsle Construction LLC

Entity: Limited Liability Company (LLC)

Industry: New Single-Family Housing Construction (except For-Sale Builders)

Location: Detroit Lakes, MN

Search All PPP Data

Nodsle Construction LLC is a limited liability company (LLC) located at 1473 Legion Rd in Detroit Lakes, Minnesota that received a Coronavirus-related PPP loan from the SBA of $29,770.00 in April, 2021.

The company has reported itself as a White male owned business, and employed at least three people during the applicable loan loan period.

$ PPP Loan Information
Loan #9751278700

Loan Size:

$29,770

Jobs Retained:

3

Loan Approved:

2021-04-09

Loan Status:

Paid in Full or Forgiven

Lender:

First Security Bank-Sleepy Eye

Nodsle Construction LLC in Detroit Lakes, MN received a Paycheck Protection Loan of $29,770 through First Security Bank-Sleepy Eye, which was approved in April, 2021.

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 October, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Nodsle Construction LLC's 2019 payroll expenses are estimated to be at least $142,896.

Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $47,632 per employee1

Reported PPP Proceed Usage:

On the PPP application, Nodsle Construction LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $29,768
  • Utilities: $1

Business Information - Nodsle Construction LLC in Detroit Lakes, MN

Nodsle Construction LLC
1473 Legion Rd
Detroit Lakes, MN 56501

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Becker County, MN — SBA Office 0508 — Congressional District: MN-07

Similar Companies near Detroit Lakes

In the Detroit Lakes area, 35 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 3) and received an average PPP loan of $65,416 (compared to this company's $29,770).

Industry PPP Comparison Statistics

Nationwide, 125,433 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a total of $5.71B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 5 employees, 67% higher than Nodsle Construction LLC's reported 3 employees, and received an average PPP loan of $45,486, 53% higher than this company's loan of $29,770.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/nodsle-construction-llc-detroit-lakes-mn