PPP Loan Data — Touchstone Mental Health, Minneapolis, MN
Touchstone Mental Health is a non-profit organization located at 2312 Snelling Avenue in Minneapolis, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,002,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bremer Bank, National Association
Touchstone Mental Health in Minneapolis, MN received a Paycheck Protection Loan of $2M through Bremer Bank, 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
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, Touchstone Mental Health's 2019 payroll expenses are estimated to be at least $9.61M.
Based on their reported 232 jobs retained, this equals an estimated average yearly compensation of $41,423 per employee1
Reported PPP Proceed Usage:
On the PPP application, Touchstone Mental Health reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,002,100
Business Information - Touchstone Mental Health in Minneapolis, MN
2312 Snelling Avenue
Minneapolis, MN 55404
Other Individual and Family Services
NAICS code 624190
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Minneapolis
In the Minneapolis area, 25 businesses in the "Other Individual and Family Services" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 232) and received an average PPP loan of $182,061 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
African American Aids Task Force
Traditional Healing Arts Inc
Redeemer Center For Life Inc
Family Care Services Inc
Westminster Counseling Center
Minnesota Fighting Aids On Bikes
Free Forest School
Industry PPP Comparison Statistics
Nationwide, 25,118 businesses in the "Other Individual and Family Services" industry received a total of $2.96B 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 16 employees, 93% lower than Touchstone Mental Health's reported 232 employees, and received an average PPP loan of $117,860, 94% lower than this company's loan of $2M.
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Footnotes & Information
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