PPP Loan Data — Nova-Tech Engineering, LLC, Willmar, MN
Nova-Tech Engineering, LLC
Entity: Limited Liability Company (LLC)
Location: Willmar, MNTweet This • Search All PPP Data
Nova-Tech Engineering, LLC is a limited liability company (LLC) located at 1705 Engineering, Llc in Willmar, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,145,300.00 in April, 2020.
$ PPP Loan Information
Lender:BREMER BANK, NATIONAL ASSOCIATION
Nova-Tech Engineering, LLC in Willmar, MN received a Paycheck Protection Loan of $3.15M through BREMER BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Nova-Tech Engineering, LLC's total 2019 payroll expenses were approximately $15.1M in order to qualify for the PPP loan amount received.
Based on their reported 248 jobs retained, this equals an estimated average yearly compensation of $60,877 per employee1.
Business Information - Nova-Tech Engineering, LLC in Willmar, MN
1705 Engineering, Llc
Willmar, MN 56201
All Other Miscellaneous Electrical Equipment and Component Manufacturing (NAICS code 335999)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-07
Industry PPP Comparison Statistics
Nationwide, 1,412 businesses in the "All Other Miscellaneous Electrical Equipment and Component Manufacturing" industry received a total of $338,887,280.00 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 18 employees, 93% lower than Nova-Tech Engineering, LLC's reported 248 employees, and received an average PPP loan of $240,005, 92% lower than this company's loan of $3.15M.
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, 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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