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PPP Loan Data — Eagle One Welding Solutions, Watford City, ND

SBA PPP loan data, payroll data, and salaries for Eagle One Welding Solutions
ND

Eagle One Welding Solutions

Entity: Limited Liability Company (LLC)

Industry: Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance

Location: Watford City, ND

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Eagle One Welding Solutions is a limited liability company (LLC) located in Watford City, North Dakota that received a Coronavirus-related PPP loan from the SBA of $24,846.00 in May, 2020.

$ PPP Loan Information
Loan #4544787709

Loan Size:

$24,846

Jobs Retained:

1

Loan Approved:

2020-05-01

Loan Status:

Ongoing Loan

Lender:

Wells Fargo Bank, National Association
Likely Employment Reduction3

Eagle One Welding Solutions in Watford City, ND received a Paycheck Protection Loan of $24,846 through Wells Fargo Bank, National Association, which was approved in May, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

On the PPP application, Eagle One Welding Solutions reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $24,846

Business Information - Eagle One Welding Solutions in Watford City, ND

Eagle One Welding Solutions
Watford City, ND
* Full address is redacted to protect the privacy of individuals.

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

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

Similar Companies near Watford City

In the Watford City area, 3 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 1) and received an average PPP loan of $228,582 (compared to this company's $24,846).

Industry PPP Comparison Statistics

Nationwide, 22,310 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a total of $2.27B 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 9 employees, 800% higher than Eagle One Welding Solutions' reported 1 employees, and received an average PPP loan of $101,583, 309% higher than this company's loan of $24,846.

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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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Source: www.federalpay.org/paycheck-protection-program/eagle-one-welding-solutions-watford-city-nd