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PPP Loan Data — The Minneapolis Society Of Fine Arts, Minneapolis, MN

SBA PPP loan data, payroll data, and salaries for The Minneapolis Society Of Fine Arts
MN Nonprofit Organization

The Minneapolis Society Of Fine Arts

Entity: Non-profit Organization

Industry: Museums

Location: Minneapolis, MN

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The Minneapolis Society Of Fine Arts is a non-profit organization located at 2400 3rd Ave. S in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,586,900.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.59M

Jobs Retained:

321

Loan Approved:

2020-04-09

Lender:

OLD NATIONAL BANK

The Minneapolis Society Of Fine Arts in Minneapolis, MN received a Paycheck Protection Loan of $3.59M through OLD NATIONAL BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, The Minneapolis Society Of Fine Arts' total 2019 payroll expenses were approximately $17.22M in order to qualify for the PPP loan amount received.

Based on their reported 321 jobs retained, this equals an estimated average yearly compensation of $53,636 per employee1.

Because the loan received by The Minneapolis Society Of Fine Arts 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 - The Minneapolis Society Of Fine Arts in Minneapolis, MN

The Minneapolis Society Of Fine Arts
2400 3rd Ave. S
Minneapolis, MN 55404

Business Industry

Museums (NAICS code 712110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MN-05

Similar Companies near Minneapolis

In the Minneapolis area, 4 businesses in the "Museums" industry received a PPP loan. These local businesses reported an average of 87 employees (compared to this company's 321) and received an average PPP loan of $964,213 (compared to this company's $3.59M).

Industry PPP Comparison Statistics

Nationwide, 4,135 businesses in the "Museums" industry received a total of $670,583,040.00 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 16 employees, 95% lower than The Minneapolis Society Of Fine Arts' reported 321 employees, and received an average PPP loan of $162,172, 95% lower than this company's loan of $3.59M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

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/the-minneapolis-society-of-fine-arts-minneapolis-mn