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

PPP Loan Data — Park Avenue Center Inc, Minneapolis, MN

ALERT: There are 2 PPP loans for a total of $2.45M in our database for businesses with the name "Park Avenue Center Inc" in Minneapolis, 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 Park Avenue Center Inc
MN

Park Avenue Center Inc

Entity: Subchapter S Corporation

Industry: Outpatient Mental Health and Substance Abuse Centers

Location: Minneapolis, MN

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Park Avenue Center Inc is a subchapter s corporation located at 2318 Park Ave in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,214,900.00 in January, 2021.

The company has reported itself as a male owned business, and employed at least 135 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5994718305

Loan Size:

$1.21M

Jobs Retained:

135

Loan Approved:

2021-01-26

Loan Status:

Ongoing Loan

Lender:

Alliance Bank

Park Avenue Center Inc in Minneapolis, MN received a Paycheck Protection Loan of $1.21M through Alliance Bank, which was approved in January, 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, Park Avenue Center Inc's 2019 payroll expenses are estimated to be at least $5.83M.

Based on their reported 135 jobs retained, this equals an estimated average yearly compensation of $43,196 per employee1

Reported PPP Proceed Usage:

On the PPP application, Park Avenue Center Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,214,900

Business Information - Park Avenue Center Inc in Minneapolis, MN

Park Avenue Center Inc
2318 Park Ave
Minneapolis, MN 55404

Business Industry:
Outpatient Mental Health and Substance Abuse Centers
NAICS code 621420

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 12 businesses in the "Outpatient Mental Health and Substance Abuse Centers" industry received a PPP loan. These local businesses reported an average of 50 employees (compared to this company's 135) and received an average PPP loan of $617,036 (compared to this company's $1.21M).

Industry PPP Comparison Statistics

Nationwide, 11,404 businesses in the "Outpatient Mental Health and Substance Abuse Centers" industry received a total of $1.83B 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 18 employees, 87% lower than Park Avenue Center Inc's reported 135 employees, and received an average PPP loan of $160,750, 87% lower than this company's loan of $1.21M.

SBA PPP loan data, payroll data, and salaries for Park Avenue Center, Inc
MN

Park Avenue Center, Inc

Entity: Subchapter S Corporation

Industry: Outpatient Mental Health and Substance Abuse Centers

Location: Minneapolis, MN

Search All PPP Data

Park Avenue Center, Inc is a subchapter s corporation located at 2318 Park Ave in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,237,348.00 in April, 2020.

$ PPP Loan Information
Loan #1092297208

Loan Size:

$1.24M

Jobs Retained:

141

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

U.S. Bank, National Association

Park Avenue Center, Inc in Minneapolis, MN received a Paycheck Protection Loan of $1.24M through U.S. Bank, National Association, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in February, 2021.

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, Park Avenue Center, Inc's 2019 payroll expenses are estimated to be at least $5.94M.

Based on their reported 141 jobs retained, this equals an estimated average yearly compensation of $42,122 per employee1

Reported PPP Proceed Usage:

On the PPP application, Park Avenue Center, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,237,348

Business Information - Park Avenue Center, Inc in Minneapolis, MN

Park Avenue Center, Inc
2318 Park Ave
Minneapolis, MN 55404

Business Industry:
Outpatient Mental Health and Substance Abuse Centers
NAICS code 621420

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 12 businesses in the "Outpatient Mental Health and Substance Abuse Centers" industry received a PPP loan. These local businesses reported an average of 50 employees (compared to this company's 141) and received an average PPP loan of $617,036 (compared to this company's $1.24M).

Industry PPP Comparison Statistics

Nationwide, 11,404 businesses in the "Outpatient Mental Health and Substance Abuse Centers" industry received a total of $1.83B 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 18 employees, 87% lower than Park Avenue Center, Inc's reported 141 employees, and received an average PPP loan of $160,750, 87% lower than this company's loan of $1.24M.

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/park-avenue-center-inc-minneapolis-mn