PPP Loan Data — Scott Equipment Co, New Prague, MN
Scott Equipment Co is a corporation located at 605 4th Ave Nw in New Prague, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,995,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Scott Equipment Co in New Prague, MN received a Paycheck Protection Loan of $2M through Vibrant CU, which was approved in April, 2020.
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, Scott Equipment Co's 2019 payroll expenses are estimated to be at least $9.58M.
Based on their reported 103 jobs retained, this equals an estimated average yearly compensation of $92,971 per employee1
Reported PPP Proceed Usage:
On the PPP application, Scott Equipment Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,995,000
Business Information - Scott Equipment Co in New Prague, MN
605 4th Ave Nw
New Prague, MN 56071
Other Industrial Machinery Manufacturing
NAICS code 333249
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near New Prague
In the New Prague area, 2 businesses in the "Other Industrial Machinery Manufacturing" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 103) and received an average PPP loan of $1,024,149 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
High Tech Industrial Representation, Inc
New Prague, MN
Industry PPP Comparison Statistics
Nationwide, 3,568 businesses in the "Other Industrial Machinery Manufacturing" industry received a total of $984.26M 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 22 employees, 79% lower than Scott Equipment Co's reported 103 employees, and received an average PPP loan of $275,857, 86% lower than this company's loan of $2M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!