PPP Loan Data — Universal Services Telecommunications Te, Hastings, MN
Universal Services Telecommunications Te is a corporation located at 12151 120th St S in Hastings, Minnesota that received a Coronavirus-related PPP loan from the SBA of $1,582,300.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 100 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Universal Services Telecommunications Te in Hastings, MN received a Paycheck Protection Loan of $1.58M through Bridgewater Bank, which was approved in April, 2020.
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, Universal Services Telecommunications Te's 2019 payroll expenses are estimated to be at least $7.6M.
Based on their reported 100 jobs retained, this equals an estimated average yearly compensation of $75,950 per employee1
Reported PPP Proceed Usage:
On the PPP application, Universal Services Telecommunications Te reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,500,300
- Utilities: $20,000
- Rent: $62,000
Business Information - Universal Services Telecommunications Te in Hastings, MN
12151 120th St S
Hastings, MN 55033
Drilling Oil and Gas Wells
NAICS code 213111
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hastings
In the Hastings area, 2 businesses in the "Drilling Oil and Gas Wells" industry received a PPP loan. These local businesses reported an average of 52 employees (compared to this company's 100) and received an average PPP loan of $819,000 (compared to this company's $1.58M).
Similar Nearby Businesses Who Received PPP Funding:
Universal Traffic Control
Industry PPP Comparison Statistics
Nationwide, 5,486 businesses in the "Drilling Oil and Gas Wells" industry received a total of $748.62M 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 9 employees, 91% lower than Universal Services Telecommunications Te's reported 100 employees, and received an average PPP loan of $136,461, 91% lower than this company's loan of $1.58M.
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Footnotes & Information
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