PPP Loan Data — SFM Mutual Insurance Company, Minneapolis, MN
SFM Mutual Insurance Company is a corporation located at 3500 American Blvd W., Suite #700 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $5,365,700.00 in April, 2020.
$ PPP Loan Information
Lender:BREMER BANK, NATIONAL ASSOCIATION
SFM Mutual Insurance Company in Minneapolis, MN received a Paycheck Protection Loan of $5.37M through BREMER BANK, NATIONAL ASSOCIATION, 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 239 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 258.
Based on standard PPP eligibility rules, SFM Mutual Insurance Company's total 2019 payroll expenses were approximately $25.76M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 239 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - SFM Mutual Insurance Company in Minneapolis, MN
3500 American Blvd W., Suite #700
Minneapolis, MN 55431
Insurance Agencies and Brokerages (NAICS code 524210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MN-03
Similar Companies near Minneapolis
In the Minneapolis area, 24 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 239) and received an average PPP loan of $261,617 (compared to this company's $5.37M).
Similar Nearby Businesses Who Received PPP Funding:
Jeffrey M Hershey Agency Inc.
Access Financial Services, Inc
Matthew M Kern
Lindsey Marie Taylor
Barrier Free Access, Inc.
Billy M Thao
Brooklyn Center, MN
Daniel Stocker Insurance Agency, Inc.
Gopher State Agency, LLC
Spring Lake Park, MN
Industry PPP Comparison Statistics
Nationwide, 90,958 businesses in the "Insurance Agencies and Brokerages" industry received a total of $4,494,836,388.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 98% lower than SFM Mutual Insurance Company's reported 239 employees, and received an average PPP loan of $49,417, 99% lower than this company's loan of $5.37M.
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.
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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