PPP Loan Data — The 508, LLC, Minneapolis, MN
The 508, LLC is a limited liability company (LLC) located at 508 1st Ave N in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $227,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 37 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Sunrise Banks, National Association
The 508, LLC in Minneapolis, MN received a Paycheck Protection Loan of $227,000 through Sunrise Banks, National Association, 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, The 508, LLC's 2019 payroll expenses are estimated to be at least $1.09M.
Based on their reported 37 jobs retained, this equals an estimated average yearly compensation of $29,449 per employee1
Reported PPP Proceed Usage:
On the PPP application, The 508, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $227,000
Business Information - The 508, LLC in Minneapolis, MN
508 1st Ave N
Minneapolis, MN 55403
NAICS code 722511
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 121 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 27 employees (compared to this company's 37) and received an average PPP loan of $203,725 (compared to this company's $227,000).
Similar Nearby Businesses Who Received PPP Funding:
The Copper Hen Cakery LLC
The Bulldog Downtown, Inc
Greek Grill & Cafe
SOL Sisters Inc
Zelo Acquisition Corporation
East Village Grill Inc
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B 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, 41% lower than The 508, LLC's reported 37 employees, and received an average PPP loan of $129,504, 43% lower than this company's loan of $227,000.
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.
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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