Reichel Foods, Inc. in Rochester, MN - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Reichel Foods, Inc., Rochester, MN

Reichel Foods, Inc.

Entity: Corporation

Industry: Other Snack Food Manufacturing

Location: Rochester, MN

Reichel Foods, Inc. is a corporation located at 3706 Enterprise Dr in Rochester, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,370,253.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 375 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$3.37M

Jobs Retained:

375

Loan Approved:

2020-04-06

Lender:

HOME FEDERAL SAVINGS BANK

Reichel Foods, Inc. in Rochester, MN received a Paycheck Protection Loan of $3.37M through HOME FEDERAL SAVINGS BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Reichel Foods, Inc.'s total 2019 payroll expenses were approximately $16.18M in order to qualify for the PPP loan amount received.

Based on their reported 375 jobs retained, this equals an estimated average yearly compensation of $43,139 per employee¹.

Because the loan received by Reichel Foods, 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 - Reichel Foods, Inc. in Rochester, MN

Reichel Foods, Inc.
3706 Enterprise Dr
Rochester, MN 55902

Business Industry

Other Snack Food Manufacturing (NAICS code 311919)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MN-01

Industry PPP Comparison Statistics

Nationwide, 616 businesses in the "Other Snack Food Manufacturing" industry received a total of $147,174,433.00 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 22 employees, 94% lower than Reichel Foods, Inc.'s reported 375 employees, and received an average PPP loan of $238,920, 93% lower than this company's loan of $3.37M.

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, and is published unmodified, as provided by the SBA.

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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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