Cloverdale Foods Company in Mandan, ND - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Cloverdale Foods Company, Mandan, ND

Cloverdale Foods Company

Entity: Subchapter S Corporation

Industry: Meat Processed from Carcasses

Location: Mandan, ND

Cloverdale Foods Company is a subchapter s corporation located at 3015 34th St in Mandan, North Dakota that received a Coronavirus-related PPP loan from the SBA of $3,656,700.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 397 people during the applicable loan loan period.

$ PPP Loan Information
Loan #6044397005

Loan Size:

$3.66M

Jobs Retained:

397

Loan Approved:

2020-04-06

Loan Status:

Paid in Full or Forgiven

Lender:

First International Bank & Trust

Cloverdale Foods Company in Mandan, ND received a Paycheck Protection Loan of $3.66M through First International Bank & Trust, 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 October, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Cloverdale Foods Company's 2019 payroll expenses are estimated to be at least $17.55M.

Based on their reported 397 jobs retained, this equals an estimated average yearly compensation of $44,212 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Cloverdale Foods Company reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,232,700
Utilities: $194,000
Mortgage Interest: $156,500
Rent: $73,500

Because the loan received by Cloverdale Foods Company is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Cloverdale Foods Company in Mandan, ND

Cloverdale Foods Company
3015 34th St
Mandan, ND 58554

Business Industry:
Meat Processed from Carcasses
NAICS code 311612

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Morton County, ND — SBA Office 0875 — Congressional District: ND-

Similar Companies near Mandan

In the Mandan area, 2 businesses in the "Meat Processed from Carcasses" industry received a PPP loan. These local businesses reported an average of 203 employees (compared to this company's 397) and received an average PPP loan of $1,890,950 (compared to this company's $3.66M).

Similar Nearby Businesses Who Received PPP Funding:

M & W Beef Packers Inc
Mandan, ND

$125,200 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,226 businesses in the "Meat Processed from Carcasses" industry received a total of $350.38M 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 31 employees, 92% lower than Cloverdale Foods Company's reported 397 employees, and received an average PPP loan of $285,792, 92% lower than this company's loan of $3.66M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

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