PPP Loan Data — The Mathiowetz Construction Co, Sleepy Eye, MN
The Mathiowetz Construction Co is a subchapter s corporation located at 30676 Country Road 24 in Sleepy Eye, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,053,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 60 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:BMO Harris Bank National Association
The Mathiowetz Construction Co in Sleepy Eye, MN received a Paycheck Protection Loan of $2.05M through BMO Harris Bank National Association, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 99. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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 Mathiowetz Construction Co's 2019 payroll expenses are estimated to be at least $9.85M (not accounting for salary amounts > $100k).
Because the 60 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, The Mathiowetz Construction Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,053,000
Business Information - The Mathiowetz Construction Co in Sleepy Eye, MN
30676 Country Road 24
Sleepy Eye, MN 56085
Other Heavy and Civil Engineering Construction
NAICS code 237990
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Sleepy Eye
In the Sleepy Eye area, 3 businesses in the "Other Heavy and Civil Engineering Construction" industry received a PPP loan. These local businesses reported an average of 44 employees (compared to this company's 60) and received an average PPP loan of $917,064 (compared to this company's $2.05M).
Similar Nearby Businesses Who Received PPP Funding:
Heiderscheidt Digging Inc
Sleepy Eye, MN
H&D Underground Inc
Sleepy Eye, MN
Industry PPP Comparison Statistics
Nationwide, 11,233 businesses in the "Other Heavy and Civil Engineering Construction" industry received a total of $2.63B 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 17 employees, 72% lower than The Mathiowetz Construction Co's reported 60 employees, and received an average PPP loan of $234,414, 89% lower than this company's loan of $2.05M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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