PPP Loan Data — The Fabled Rooster LLC, Minneapolis, MN
The Fabled Rooster LLC is a corporation located at 520 N 4th St in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $20,000.00 in February, 2021.
The company has reported itself as a male veteran owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Sunrise Banks, National Association
The Fabled Rooster LLC in Minneapolis, MN received a Paycheck Protection Loan of $20,000 through Sunrise Banks, National Association, which was approved in February, 2021.
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
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, The Fabled Rooster LLC's 2019 payroll expenses are estimated to be at least $96,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $32,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Fabled Rooster LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $19,997
- Utilities: $1
Business Information - The Fabled Rooster LLC in Minneapolis, MN
520 N 4th St
Minneapolis, MN 55401
NAICS code 722513
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 56 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 3) and received an average PPP loan of $85,231 (compared to this company's $20,000).
Similar Nearby Businesses Who Received PPP Funding:
Imperial Chef Inc
Myburger USA, Inc
Frank G Inc
The Corner Coffee Company, Inc
Rise Bagel Company
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B 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, 600% higher than The Fabled Rooster LLC's reported 3 employees, and received an average PPP loan of $100,980, 405% higher than this company's loan of $20,000.
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Footnotes & Information
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