PPP Loan Data — Chad Geray Trucking, Inc, Mahnomen, MN
Chad Geray Trucking, Inc is a corporation located at 2112 State Hwy 200 in Mahnomen, Minnesota that received a Coronavirus-related PPP loan from the SBA of $46,510.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:United Valley Bank
Chad Geray Trucking, Inc in Mahnomen, MN received a Paycheck Protection Loan of $46,510 through United Valley 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 February, 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, Chad Geray Trucking, Inc's 2019 payroll expenses are estimated to be at least $223,248.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,812 per employee1
Reported PPP Proceed Usage:
On the PPP application, Chad Geray Trucking, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,510
Business Information - Chad Geray Trucking, Inc in Mahnomen, MN
2112 State Hwy 200
Mahnomen, MN 56557
General Freight Trucking, Local
NAICS code 484110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Mahnomen
In the Mahnomen area, 6 businesses in the "General Freight Trucking, Local" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 4) and received an average PPP loan of $46,551 (compared to this company's $46,510).
Similar Nearby Businesses Who Received PPP Funding:
Mark Trnka Auto Transport, Inc
Larry Ose Jr
Winter Truck Line, Inc
Larry H Ose Jr
Industry PPP Comparison Statistics
Nationwide, 175,867 businesses in the "General Freight Trucking, Local" industry received a total of $6.6B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, the same amount reported by Chad Geray Trucking, Inc and received an average PPP loan of $37,520, 19% lower than this company's loan of $46,510.
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Footnotes & Information
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