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

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 Size:

$2.44M

Jobs Retained:

120

Loan Approved:

2020-04-04

Lender:

CHOICE FINANCIAL GROUP

Parallel Technologies, Inc. received a Paycheck Protection Loan of $2.44M through CHOICE FINANCIAL GROUP, which was approved in April, 2020.

Based on standard PPP eligibility rules, Parallel Technologies, Inc.'s total 2019 payroll expenses were approximately $11.73M in order to qualify for the PPP loan amount received.

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

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 / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: Unreported

Congressional District: MN-03

Similar Companies near Eden Prairie

In the Eden Prairie area, 10 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 120) and received an average PPP loan of $308,891 (compared to this company's $2.44M).

Industry PPP Comparison Statistics

Nationwide, 44,474 businesses in the "All Other Specialty Trade Contractors" industry received a total of $5,068,221,395.00 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 9 employees, 93% lower than Parallel Technologies, Inc.'s reported 120 employees, and received an average PPP loan of $113,959, 95% 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.

Search FederalPay's Full PPP Loan Database

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.


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/parallel-technologies-inc-eden-prairie-mn