PPP Loan Data — Wetzel Law Firm, PA, Brainerd, MN
Wetzel Law Firm, PA is a subchapter s corporation located at 510 Maple Street in Brainerd, Minnesota that received a Coronavirus-related PPP loan from the SBA of $24,900.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bremer Bank, National Association
Wetzel Law Firm, PA in Brainerd, MN received a Paycheck Protection Loan of $24,900 through Bremer Bank, National Association, 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 December, 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, Wetzel Law Firm, PA's 2019 payroll expenses are estimated to be at least $119,520.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,760 per employee1
Reported PPP Proceed Usage:
On the PPP application, Wetzel Law Firm, PA reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,900
Business Information - Wetzel Law Firm, PA in Brainerd, MN
510 Maple Street
Brainerd, MN 56401
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Brainerd
In the Brainerd area, 15 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 2) and received an average PPP loan of $47,058 (compared to this company's $24,900).
Similar Nearby Businesses Who Received PPP Funding:
Jacobsen Law Plc
Breen & Person LTD
Wipper Law And Custody Evaluation Center
Gustafson Law Office
Borden, Steinbauer, Kruger & Knudson, PA
Borden Steinbauer Krueger & Knudson PA
Frey Law Office, LTD
Severson Porter Law
Industry PPP Comparison Statistics
Nationwide, 200,895 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 200% higher than Wetzel Law Firm, PA's reported 2 employees, and received an average PPP loan of $81,518, 227% higher than this company's loan of $24,900.
FederalPay's PPP Information Policy
Footnotes & Information
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