PPP Loan Data — Reichel Foods, Inc, 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 Status:Paid in Full or Forgiven
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.
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 July, 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, Reichel Foods, Inc's 2019 payroll expenses are estimated to be at least $16.18M.
Based on their reported 375 jobs retained, this equals an estimated average yearly compensation of $43,139 per employee1
Reported PPP Proceed Usage:
On the PPP application, Reichel Foods, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,370,253
Business Information - Reichel Foods, Inc in Rochester, MN
3706 Enterprise Dr
Rochester, MN 55902
Other Snack Food Manufacturing
NAICS code 311919
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: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,803 businesses in the "Other Snack Food Manufacturing" industry received a total of $194.62M 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 12 employees, 97% lower than Reichel Foods, Inc's reported 375 employees, and received an average PPP loan of $107,941, 97% lower than this company's loan of $3.37M.
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Footnotes & Information
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