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PPP Loan Data — Fern Feed And Seed, Holland, IA

SBA PPP loan data, payroll data, and salaries for Fern Feed And Seed
IA

Fern Feed And Seed

Entity: Sole Proprietorship

Industry: Nursery, Garden Center, and Farm Supply Stores

Location: Holland, IA

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Fern Feed And Seed is a sole proprietorship located at 22985 150th St in Holland, Iowa that received a Coronavirus-related PPP loan from the SBA of $24,890.00 in May, 2020.

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

$ PPP Loan Information
Loan #1932167807

Loan Size:

$24,890

Jobs Retained:

2

Loan Approved:

2020-05-22

Loan Status:

Paid in Full or Forgiven

Lender:

GNB Bank

Fern Feed And Seed in Holland, IA received a Paycheck Protection Loan of $24,890 through GNB Bank, which was approved in May, 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

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.

Read More
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.

Read More

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, Fern Feed And Seed's 2019 payroll expenses are estimated to be at least $119,472.

Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,736 per employee1

Reported PPP Proceed Usage:

On the PPP application, Fern Feed And Seed reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $19,912
  • Utilities: $4,978

Business Information - Fern Feed And Seed in Holland, IA

Fern Feed And Seed
22985 150th St
Holland, IA 50642

Business Industry:
Nursery, Garden Center, and Farm Supply Stores
NAICS code 444220

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Grundy County, IA — SBA Office 0761 — Congressional District: IA-04

Industry PPP Comparison Statistics

Nationwide, 7,240 businesses in the "Nursery, Garden Center, and Farm Supply Stores" industry received a total of $689.88M 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 14 employees, 600% higher than Fern Feed And Seed's reported 2 employees, and received an average PPP loan of $95,287, 283% higher than this company's loan of $24,890.

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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Source: www.federalpay.org/paycheck-protection-program/fern-feed-and-seed-holland-ia