PPP Loan Data — Rotochopper, Inc, Saint Martin, MN
Rotochopper, Inc is a corporation located at 217 West St. in Saint Martin, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,939,309.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Stearns Bank National Association
Rotochopper, Inc in Saint Martin, MN received a Paycheck Protection Loan of $1.94M through Stearns Bank National Association, 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 May, 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, Rotochopper, Inc's 2019 payroll expenses are estimated to be at least $9.31M.
Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $86,192 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rotochopper, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,579,309
- Utilities: $60,000
- Rent: $100,000
- Health Care: $200,000
Business Information - Rotochopper, Inc in Saint Martin, MN
217 West St.
Saint Martin, MN 56376
Construction Machinery Manufacturing
NAICS code 333120
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 2,642 businesses in the "Construction Machinery Manufacturing" industry received a total of $361.62M 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 11 employees, 90% lower than Rotochopper, Inc's reported 108 employees, and received an average PPP loan of $136,874, 93% lower than this company's loan of $1.94M.
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Footnotes & Information
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