PPP Loan Data — Diamond Mowers, Inc, Sioux Falls, SD
Diamond Mowers, Inc
Entity: Limited Liability Company (LLC)
Location: Sioux Falls, SDTweet This • Search All PPP Data
Diamond Mowers, Inc is a limited liability company (LLC) located at Po Box in Sioux Falls, South Dakota that received a Coronavirus-related PPP loan from the SBA of $2,242,200.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 153 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Dakota National Bank
Diamond Mowers, Inc in Sioux Falls, SD received a Paycheck Protection Loan of $2.24M through First Dakota National 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, Diamond Mowers, Inc's 2019 payroll expenses are estimated to be at least $10.76M.
Based on their reported 153 jobs retained, this equals an estimated average yearly compensation of $70,344 per employee1
Reported PPP Proceed Usage:
On the PPP application, Diamond Mowers, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,681,650
- Mortgage Interest: $280,275
- Rent: $280,275
Business Information - Diamond Mowers, Inc in Sioux Falls, SD
Sioux Falls, SD 57118
Lawn and Garden Tractor and Home Lawn and Garden Equipment Manufacturing
NAICS code 333112
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 13,172 businesses in the "Lawn and Garden Tractor and Home Lawn and Garden Equipment Manufacturing" industry received a total of $284.55M 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 2 employees, 99% lower than Diamond Mowers, Inc's reported 153 employees, and received an average PPP loan of $21,603, 99% lower than this company's loan of $2.24M.
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Footnotes & Information
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