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PPP Loan Data — S.J. Electro System, Inc., Detroit Lakes, MN

SBA PPP loan data, payroll data, and salaries for S.J. Electro System, Inc.
MN

S.J. Electro System, Inc.

Entity: Subchapter S Corporation

Industry: Totalizing Fluid Meter and Counting Device Manufacturing

Location: Detroit Lakes, MN

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S.J. Electro System, Inc. is a subchapter s corporation located at 22650 County Highway 6 in Detroit Lakes, Minnesota that received a Coronavirus-related PPP loan from the SBA of $5,442,800.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.44M

Jobs Retained:

339

Loan Approved:

2020-04-09

Lender:

BREMER BANK, NATIONAL ASSOCIATION

S.J. Electro System, Inc. received a Paycheck Protection Loan of $5.44M through BREMER BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, S.J. Electro System, Inc.'s total 2019 payroll expenses were approximately $26.13M in order to qualify for the PPP loan amount received.

Based on their reported 339 jobs retained, this equals an estimated average yearly compensation of $77,066 per employee1.

Because the loan received by S.J. Electro System, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - S.J. Electro System, Inc. in Detroit Lakes, MN

S.J. Electro System, Inc.
22650 County Highway 6
Detroit Lakes, MN 56501

Business Industry

Totalizing Fluid Meter and Counting Device Manufacturing (NAICS code 334514)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MN-07

Industry PPP Comparison Statistics

Nationwide, 90 businesses in the "Totalizing Fluid Meter and Counting Device Manufacturing" industry received a total of $25,317,759.00 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 19 employees, 94% lower than S.J. Electro System, Inc.'s reported 339 employees, and received an average PPP loan of $281,308, 95% lower than this company's loan of $5.44M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/sj-electro-system-inc-detroit-lakes-mn