PPP Loan Data — Olympia Tile (USA), Inc, Plymouth, MN
Olympia Tile (USA), Inc is a corporation located at 701 Berkshire Lane N in Plymouth, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,303,800.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Old National Bank
Olympia Tile (USA), Inc in Plymouth, MN received a Paycheck Protection Loan of $2.3M through Old National Bank, 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, Olympia Tile (USA), Inc's 2019 payroll expenses are estimated to be at least $11.06M.
Based on their reported 218 jobs retained, this equals an estimated average yearly compensation of $50,726 per employee1
Reported PPP Proceed Usage:
On the PPP application, Olympia Tile (USA), Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,303,800
Business Information - Olympia Tile (USA), Inc in Plymouth, MN
701 Berkshire Lane N
Plymouth, MN 55441
Floor Covering Stores
NAICS code 442210
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Plymouth
In the Plymouth area, 2 businesses in the "Floor Covering Stores" industry received a PPP loan. These local businesses reported an average of 110 employees (compared to this company's 218) and received an average PPP loan of $1,157,316 (compared to this company's $2.3M).
Similar Nearby Businesses Who Received PPP Funding:
Spence Carpet Service
Industry PPP Comparison Statistics
Nationwide, 8,871 businesses in the "Floor Covering Stores" industry received a total of $765.8M 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 9 employees, 96% lower than Olympia Tile (USA), Inc's reported 218 employees, and received an average PPP loan of $86,327, 96% lower than this company's loan of $2.3M.
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Footnotes & Information
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