PPP Loan Data — Schmidt & Ole Laboratory LLC, Fridley, MN
Schmidt & Ole Laboratory LLC
Entity: Subchapter S Corporation
Location: Fridley, MNTweet This • Search All PPP Data
Schmidt & Ole Laboratory LLC is a subchapter s corporation located at 7830 Elm St Ne in Fridley, Minnesota that received a Coronavirus-related PPP loan from the SBA of $78,920.00 in June, 2020.
The company has reported itself as a White male owned business, and employed at least five people during the applicable loan loan period.
$ PPP Loan Information
Lender:U.S. BANK, NATIONAL ASSOCIATION
Schmidt & Ole Laboratory LLC received a Paycheck Protection Loan of $78,920 through U.S. BANK, NATIONAL ASSOCIATION, which was approved in June, 2020.
Based on standard PPP eligibility rules, Schmidt & Ole Laboratory LLC's total 2019 payroll expenses were approximately $378,816 in order to qualify for the PPP loan amount received.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $75,763 per employee1.
Business Information - Schmidt & Ole Laboratory LLC in Fridley, MN
7830 Elm St Ne
Fridley, MN 55432
All Other Professional, Scientific, and Technical Services (NAICS code 541990)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: MN-05
Similar Companies near Fridley
In the Fridley area, 12 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 5) and received an average PPP loan of $349,528 (compared to this company's $78,920).
Similar Nearby Businesses Who Received PPP Funding:
Stevens, Foster Financial Services, Inc.
Wcec Industrial Services LLC
Metropolitan Cardiac Services
Coon Rapids, MN
Betmar Languages, Inc.
Leonine Technologies Inc.
T3 Trans, LLC
Spring Lake Park, MN
Industry PPP Comparison Statistics
Nationwide, 63,722 businesses in the "All Other Professional, Scientific, and Technical Services" industry received a total of $4,746,522,934.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 20% higher than Schmidt & Ole Laboratory LLC's reported 5 employees, and received an average PPP loan of $74,488, 6% lower than this company's loan of $78,920.
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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
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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