PPP Loan Data — Prospect Refuge Studio LLC, Minneapolis, MN
Prospect Refuge Studio LLC is a limited liability company (LLC) located at 4801 Nicollet Ave in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $46,362.00 in May, 2020.
The company has reported itself as a White female veteran owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:U.S. Bank, National Association
Prospect Refuge Studio LLC in Minneapolis, MN received a Paycheck Protection Loan of $46,362 through U.S. Bank, National Association, which was approved in May, 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 June, 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, Prospect Refuge Studio LLC's 2019 payroll expenses are estimated to be at least $222,538.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,635 per employee1
Reported PPP Proceed Usage:
On the PPP application, Prospect Refuge Studio LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,362
Business Information - Prospect Refuge Studio LLC in Minneapolis, MN
4801 Nicollet Ave
Minneapolis, MN 55419
NAICS code 999990
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 28 businesses in the "Unclassified Establishments" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $24,127 (compared to this company's $46,362).
Similar Nearby Businesses Who Received PPP Funding:
Mike Charlie Kilo LLC
Lynch Strategies LLC
Commercial Equities Group Inc
Gurgling Waters LLC
Industry PPP Comparison Statistics
Nationwide, 85,647 businesses in the "Unclassified Establishments" industry received a total of $3.67B 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 10 employees, 150% higher than Prospect Refuge Studio LLC's reported 4 employees, and received an average PPP loan of $42,878, 8% lower than this company's loan of $46,362.
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Footnotes & Information
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