PPP Loan Data — Rainbow Tree Company, Minnetonka, MN
Rainbow Tree Company
Entity: Subchapter S Corporation
Location: Minnetonka, MNTweet This • Search All PPP Data
Rainbow Tree Company is a subchapter s corporation located at 11571 K-tel Drive in Minnetonka, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,202,480.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 263 people during the applicable loan loan period.
$ PPP Loan Information
Lender:U.S. BANK, NATIONAL ASSOCIATION
Rainbow Tree Company received a Paycheck Protection Loan of $3.2M through U.S. BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Rainbow Tree Company's total 2019 payroll expenses were approximately $15.37M in order to qualify for the PPP loan amount received.
Based on their reported 263 jobs retained, this equals an estimated average yearly compensation of $58,448 per employee1.
Business Information - Rainbow Tree Company in Minnetonka, MN
11571 K-tel Drive
Minnetonka, MN 55343
Other Chemical and Allied Products Merchant Wholesalers (NAICS code 424690)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: MN-03
Similar Companies near Minnetonka
In the Minnetonka area, 3 businesses in the "Other Chemical and Allied Products Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 93 employees (compared to this company's 263) and received an average PPP loan of $1,162,685 (compared to this company's $3.2M).
Similar Nearby Businesses Who Received PPP Funding:
Sam Hprp Chemicals Inc
Eden Prairie, MN
Plant Extracts International Incorporated
Industry PPP Comparison Statistics
Nationwide, 2,140 businesses in the "Other Chemical and Allied Products Merchant Wholesalers" industry received a total of $406,941,257.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 95% lower than Rainbow Tree Company's reported 263 employees, and received an average PPP loan of $190,159, 94% lower than this company's loan of $3.2M.
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.
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.
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