PPP Loan Data — Schadegg Mechanical Inc, South Saint Paul, MN
Schadegg Mechanical Inc
Location: South Saint Paul, MNTweet This • Search All PPP Data
Schadegg Mechanical Inc is a corporation located at 225 Bridgepoint Drive in South Saint Paul, Minnesota that received a Coronavirus-related PPP loan from the SBA of $5,023,400.00 in April, 2020.
The company has reported itself as a White owned business, and employed at least 165 people during the applicable loan loan period.
$ PPP Loan Information
Lender:OLD NATIONAL BANK
Schadegg Mechanical Inc in South Saint Paul, MN received a Paycheck Protection Loan of $5.02M through OLD NATIONAL BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 165 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 241.
Based on standard PPP eligibility rules, Schadegg Mechanical Inc's total 2019 payroll expenses were approximately $24.11M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 165 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Schadegg Mechanical Inc in South Saint Paul, MN
225 Bridgepoint Drive
South Saint Paul, MN 55075
Lessors of Nonresidential Buildings (except Miniwarehouses) (NAICS code 531120)
Business Owner Demographics
Race / Ethnicity: WHITE
Veteran Status: UnreportedCongressional District: MN-02
Industry PPP Comparison Statistics
Nationwide, 14,874 businesses in the "Lessors of Nonresidential Buildings (except Miniwarehouses)" industry received a total of $1,433,708,089.00 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 9 employees, 95% lower than Schadegg Mechanical Inc's reported 165 employees, and received an average PPP loan of $96,390, 98% lower than this company's loan of $5.02M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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