PPP Loan Data — Satellite Industries Inc, Plymouth, MN
Satellite Industries Inc is a corporation located at 2530 Xenium Lane N in Plymouth, Minnesota that received a Coronavirus-related PPP loan from the SBA of $4,188,914.00 in May, 2020.
$ PPP Loan Information
Jobs Retained:0 Unreported
Lender:WELLS FARGO BANK, NATIONAL ASSOCIATION
Satellite Industries Inc in Plymouth, MN received a Paycheck Protection Loan of $4.19M through WELLS FARGO BANK, NATIONAL ASSOCIATION, which was approved in May, 2020.
Based on standard PPP eligibility rules, Satellite Industries Inc's total 2019 payroll expenses were approximately $20.11M in order to qualify for the PPP loan amount received.
Unlike most businesses, Satellite Industries Inc's PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.
Business Information - Satellite Industries Inc in Plymouth, MN
2530 Xenium Lane N
Plymouth, MN 55441
All Other Plastics Product Manufacturing (NAICS code 326199)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-03
Similar Companies near Plymouth
In the Plymouth area, 4 businesses in the "All Other Plastics Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 68 employees (compared to this company's 0) and received an average PPP loan of $1,481,834 (compared to this company's $4.19M).
Similar Nearby Businesses Who Received PPP Funding:
North States Industries, Inc.
Matchless Plastics, Inc.
Industry PPP Comparison Statistics
Nationwide, 3,247 businesses in the "All Other Plastics Product Manufacturing" industry received a total of $1,252,980,223.00 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 33 employees, and received an average PPP loan of $385,889, 91% lower than this company's loan of $4.19M.
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.
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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