PPP Loan Data — Paul A. Schmitt Music Company, Brooklyn Center, MN
Paul A. Schmitt Music Company is a subchapter s corporation located at 2400 Freeway Blvd in Brooklyn Center, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,772,227.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least 174 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Business Bank
Paul A. Schmitt Music Company in Brooklyn Center, MN received a Paycheck Protection Loan of $1.77M through First Business Bank, which was approved in January, 2021.
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, Paul A. Schmitt Music Company's 2019 payroll expenses are estimated to be at least $8.51M.
Based on their reported 174 jobs retained, this equals an estimated average yearly compensation of $48,889 per employee1
Reported PPP Proceed Usage:
On the PPP application, Paul A. Schmitt Music Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,772,225
- Utilities: $1
Business Information - Paul A. Schmitt Music Company in Brooklyn Center, MN
2400 Freeway Blvd
Brooklyn Center, MN 55430
Musical Instrument and Supplies Stores
NAICS code 451140
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Brooklyn Center
In the Brooklyn Center area, 2 businesses in the "Musical Instrument and Supplies Stores" industry received a PPP loan. These local businesses reported an average of 90 employees (compared to this company's 174) and received an average PPP loan of $902,355 (compared to this company's $1.77M).
Similar Nearby Businesses Who Received PPP Funding:
Nechville Musical Products LLC
Industry PPP Comparison Statistics
Nationwide, 4,420 businesses in the "Musical Instrument and Supplies Stores" industry received a total of $235.82M 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 8 employees, 95% lower than Paul A. Schmitt Music Company's reported 174 employees, and received an average PPP loan of $53,352, 97% lower than this company's loan of $1.77M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!