PPP Loan Data — Sonstegard Foods, Inc, Howard Lake, MN
Sonstegard Foods, Inc is a subchapter s corporation located at 205 10th Ave in Howard Lake, Minnesota that received a Coronavirus-related PPP loan from the SBA of $46,300.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:American State Bank
Sonstegard Foods, Inc in Howard Lake, MN received a Paycheck Protection Loan of $46,300 through American State Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in December, 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, Sonstegard Foods, Inc's 2019 payroll expenses are estimated to be at least $222,240.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,448 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sonstegard Foods, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,300
Business Information - Sonstegard Foods, Inc in Howard Lake, MN
205 10th Ave
Howard Lake, MN 55349
Chicken Egg Production
NAICS code 112310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Howard Lake
In the Howard Lake area, 2 businesses in the "Chicken Egg Production" industry received a PPP loan. These local businesses reported an average of 117 employees (compared to this company's 5) and received an average PPP loan of $1,238,709 (compared to this company's $46,300).
Similar Nearby Businesses Who Received PPP Funding:
Forsman Farms, Inc
Howard Lake, MN
Industry PPP Comparison Statistics
Nationwide, 2,616 businesses in the "Chicken Egg Production" industry received a total of $152.31M 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 6 employees, 20% higher than Sonstegard Foods, Inc's reported 5 employees, and received an average PPP loan of $58,223, 26% higher than this company's loan of $46,300.
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Footnotes & Information
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