PPP Loan Data — Varner Inc, Lakeville, MN
Varner Inc is a corporation located at 16641 Jacaranda Way in Lakeville, Minnesota that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Varner Inc in Lakeville, MN received a Paycheck Protection Loan of $25,000 through Regions Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in March, 2021.
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, Varner Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Varner Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Varner Inc in Lakeville, MN
16641 Jacaranda Way
Lakeville, MN 55044
Upholstered Household Furniture Manufacturing
NAICS code 337121
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,737 businesses in the "Upholstered Household Furniture Manufacturing" industry received a total of $296.19M 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 19 employees, 850% higher than Varner Inc's reported 2 employees, and received an average PPP loan of $170,516, 582% higher than this company's loan of $25,000.
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Footnotes & Information
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