PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Simple LLC, Minneapolis, MN

ALERT: There are 2 PPP loans for a total of $271,850 in our database for businesses with the name "Simple LLC" in Minneapolis, MN. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Simple LLC
MN

Simple LLC

Entity: Limited Liability Company (LLC)

Industry: Limited-Service Restaurants

Location: Minneapolis, MN

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Simple LLC is a limited liability company (LLC) located at 1 E 26th St in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $163,450.00 in January, 2021.

$ PPP Loan Information
Loan #8578888304

Loan Size:

$163,450

Jobs Retained:

13

Loan Approved:

2021-01-29

Loan Status:

Active Un-Disbursed

Lender:

Highland Bank
PPP Funds Undisbursed

Simple LLC in Minneapolis, MN received a Paycheck Protection Loan of $163,450 through Highland Bank, which was approved in January, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $163,450 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in January, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Simple LLC's 2019 payroll expenses are estimated to be at least $784,560.

Based on their reported 13 jobs retained, this equals an estimated average yearly compensation of $60,351 per employee1

Reported PPP Proceed Usage:

On the PPP application, Simple LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $163,447
  • Utilities: $1

Business Information - Simple LLC in Minneapolis, MN

Simple LLC
1 E 26th St
Minneapolis, MN 55404

Business Industry:
Limited-Service Restaurants
NAICS code 722513

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 30 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 13) and received an average PPP loan of $64,593 (compared to this company's $163,450).

Industry PPP Comparison Statistics

Nationwide, 134,591 businesses in the "Limited-Service Restaurants" industry received a total of $13.78B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 21 employees, 62% higher than Simple LLC's reported 13 employees, and received an average PPP loan of $102,382, 37% lower than this company's loan of $163,450.

SBA PPP loan data, payroll data, and salaries for Simple LLC
MN

Simple LLC

Entity: Limited Liability Company (LLC)

Industry: Full-Service Restaurants

Location: Minneapolis, MN

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Simple LLC is a limited liability company (LLC) located at 601 Marquette Ave, Suite 210 in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $108,400.00 in April, 2020.

$ PPP Loan Information
Loan #5164827003

Loan Size:

$108,400

Jobs Retained:

28

Loan Approved:

2020-04-05

Loan Status:

Ongoing Loan

Lender:

Highland Bank

Simple LLC in Minneapolis, MN received a Paycheck Protection Loan of $108,400 through Highland Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Simple LLC's 2019 payroll expenses are estimated to be at least $520,320.

Based on their reported 28 jobs retained, this equals an estimated average yearly compensation of $18,583 per employee1

Reported PPP Proceed Usage:

On the PPP application, Simple LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $108,400

Business Information - Simple LLC in Minneapolis, MN

Simple LLC
601 Marquette Ave, Suite 210
Minneapolis, MN 55402

Business Industry:
Full-Service Restaurants
NAICS code 722511

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Hennepin County, MN — SBA Office 0508 — Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 174 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 37 employees (compared to this company's 28) and received an average PPP loan of $328,113 (compared to this company's $108,400).

Industry PPP Comparison Statistics

Nationwide, 322,868 businesses in the "Full-Service Restaurants" industry received a total of $42.2B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 21% lower than Simple LLC's reported 28 employees, and received an average PPP loan of $130,696, 21% higher than this company's loan of $108,400.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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Source: www.federalpay.org/paycheck-protection-program/simple-llc-minneapolis-mn