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PPP Loan Data — Tolomatic, Inc., Hamel, MN

SBA PPP loan data, payroll data, and salaries for Tolomatic, Inc.
MN

Tolomatic, Inc.

Entity: Subchapter S Corporation

Industry: All Other Transportation Equipment Manufacturing

Location: Hamel, MN

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Tolomatic, Inc. is a subchapter s corporation located at 3800 Country Road 116 in Hamel, Minnesota that received a Coronavirus-related PPP loan from the SBA of $3,659,700.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.66M

Jobs Retained:

216

Loan Approved:

2020-04-10

Lender:

BMO HARRIS BANK NATIONAL ASSOCIATION

Tolomatic, Inc. in Hamel, MN received a Paycheck Protection Loan of $3.66M through BMO HARRIS BANK NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Tolomatic, Inc.'s total 2019 payroll expenses were approximately $17.57M in order to qualify for the PPP loan amount received.

Based on their reported 216 jobs retained, this equals an estimated average yearly compensation of $81,327 per employee1.

Because the loan received by Tolomatic, Inc. 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 - Tolomatic, Inc. in Hamel, MN

Tolomatic, Inc.
3800 Country Road 116
Hamel, MN 55340

Business Industry

All Other Transportation Equipment Manufacturing (NAICS code 336999)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MN-03

Industry PPP Comparison Statistics

Nationwide, 800 businesses in the "All Other Transportation Equipment Manufacturing" industry received a total of $102,256,573.00 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 11 employees, 95% lower than Tolomatic, Inc.'s reported 216 employees, and received an average PPP loan of $127,821, 97% lower than this company's loan of $3.66M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/tolomatic-inc-hamel-mn