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PPP Loan Data — Northern Air Corporation, Vadnais Heights, MN

SBA PPP loan data, payroll data, and salaries for Northern Air Corporation
MN

Northern Air Corporation

Entity: Subchapter S Corporation

Industry: Plumbing, Heating, and Air-Conditioning Contractors

Location: Vadnais Heights, MN

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Northern Air Corporation is a subchapter s corporation located at 1001 Labore Industrial Court, Ste B in Vadnais Heights, Minnesota that received a Coronavirus-related PPP loan from the SBA of $6,562,600.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 324 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$6.56M

Jobs Retained:

324

Loan Approved:

2020-04-15

Lender:

OLD NATIONAL BANK

Northern Air Corporation received a Paycheck Protection Loan of $6.56M through OLD NATIONAL BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Northern Air Corporation's total 2019 payroll expenses were approximately $31.5M in order to qualify for the PPP loan amount received.

Based on their reported 324 jobs retained, this equals an estimated average yearly compensation of $97,224 per employee1.

Because the loan received by Northern Air Corporation is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Northern Air Corporation in Vadnais Heights, MN

Northern Air Corporation
1001 Labore Industrial Court, Ste B
Vadnais Heights, MN 55110

Business Industry

Plumbing, Heating, and Air-Conditioning Contractors (NAICS code 238220)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MN-04

Similar Companies near Vadnais Heights

In the Vadnais Heights area, 13 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 31 employees (compared to this company's 324) and received an average PPP loan of $595,341 (compared to this company's $6.56M).

Industry PPP Comparison Statistics

Nationwide, 60,482 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $9,373,583,135.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 11 employees, 97% lower than Northern Air Corporation's reported 324 employees, and received an average PPP loan of $154,981, 98% lower than this company's loan of $6.56M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/northern-air-corporation-vadnais-heights-mn