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

PPP Loan Data — Parallel Technologies Inc, Eden Prairie, MN

ALERT: There are 2 PPP loans for a total of $4.44M in our database for businesses with the name "Parallel Technologies Inc" in Eden Prairie, MN. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Parallel Technologies Inc
MN

Parallel Technologies Inc

Entity: Corporation

Industry: Electrical Contractors and Other Wiring Installation Contractors

Location: Eden Prairie, MN

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Parallel Technologies Inc is a corporation located at 7667 Equitable Dr in Eden Prairie, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

The company has reported itself as a White male owned business, and employed at least 122 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4337568401

Loan Size:

$2M

Jobs Retained:

122

Loan Approved:

2021-02-06

Loan Status:

Ongoing Loan

Lender:

Choice Financial Group

Parallel Technologies Inc in Eden Prairie, MN received a Paycheck Protection Loan of $2M through Choice Financial Group, which was approved in February, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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, Parallel Technologies Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 122 jobs retained, this equals an estimated average yearly compensation of $78,689 per employee1

Reported PPP Proceed Usage:

On the PPP application, Parallel Technologies Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,995
  • Utilities: $1
Because the loan received by Parallel Technologies Inc 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 - Parallel Technologies Inc in Eden Prairie, MN

Parallel Technologies Inc
7667 Equitable Dr
Eden Prairie, MN 55344

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: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-03

Similar Companies near Eden Prairie

In the Eden Prairie area, 20 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 34 employees (compared to this company's 122) and received an average PPP loan of $494,121 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 71,211 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.34B 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 13 employees, 89% lower than Parallel Technologies Inc's reported 122 employees, and received an average PPP loan of $159,309, 92% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Parallel Technologies, Inc
MN

Parallel Technologies, Inc

Entity: Corporation

Industry: All Other Specialty Trade Contractors

Location: Eden Prairie, MN

Search All PPP Data

Parallel Technologies, Inc is a corporation located at 7667 Equitable Drive in Eden Prairie, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,444,600.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 120 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4816917008

Loan Size:

$2.44M

Jobs Retained:

120

Loan Approved:

2020-04-04

Loan Status:

Ongoing Loan

Lender:

Choice Financial Group

Parallel Technologies, Inc in Eden Prairie, MN received a Paycheck Protection Loan of $2.44M through Choice Financial Group, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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, Parallel Technologies, Inc's 2019 payroll expenses are estimated to be at least $11.73M.

Based on their reported 120 jobs retained, this equals an estimated average yearly compensation of $97,784 per employee1

Reported PPP Proceed Usage:

On the PPP application, Parallel Technologies, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,444,600
Because the loan received by Parallel Technologies, Inc 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 - Parallel Technologies, Inc in Eden Prairie, MN

Parallel Technologies, Inc
7667 Equitable Drive
Eden Prairie, MN 55344

Business Industry:
All Other Specialty Trade Contractors
NAICS code 238990

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: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-03

Similar Companies near Eden Prairie

In the Eden Prairie area, 13 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 120) and received an average PPP loan of $249,210 (compared to this company's $2.44M).

Industry PPP Comparison Statistics

Nationwide, 77,580 businesses in the "All Other Specialty Trade Contractors" industry received a total of $7.6B 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, 93% lower than Parallel Technologies, Inc's reported 120 employees, and received an average PPP loan of $97,996, 96% lower than this company's loan of $2.44M.

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.


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Source: www.federalpay.org/paycheck-protection-program/parallel-technologies-inc-eden-prairie-mn