PPP Loan Data — Harada Industry Of America, Inc, Novi, MI
Harada Industry Of America, Inc is a corporation located at 22925 Venture Drive in Novi, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,843,700.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Citizens Bank, National Association
Harada Industry Of America, Inc in Novi, MI received a Paycheck Protection Loan of $1.84M through Citizens Bank, National Association, which was approved in June, 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.
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, Harada Industry Of America, Inc's 2019 payroll expenses are estimated to be at least $8.85M.
Based on their reported 94 jobs retained, this equals an estimated average yearly compensation of $94,146 per employee1
Reported PPP Proceed Usage:
On the PPP application, Harada Industry Of America, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,843,700
Business Information - Harada Industry Of America, Inc in Novi, MI
22925 Venture Drive
Novi, MI 48178
Automotive Parts and Accessories Stores
NAICS code 441310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Novi
In the Novi area, 2 businesses in the "Automotive Parts and Accessories Stores" industry received a PPP loan. These local businesses reported an average of 49 employees (compared to this company's 94) and received an average PPP loan of $935,418 (compared to this company's $1.84M).
Similar Nearby Businesses Who Received PPP Funding:
Devens Tech Supply Inc
South Lyon, MI
Industry PPP Comparison Statistics
Nationwide, 17,983 businesses in the "Automotive Parts and Accessories Stores" industry received a total of $1.2B 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 8 employees, 91% lower than Harada Industry Of America, Inc's reported 94 employees, and received an average PPP loan of $66,454, 96% lower than this company's loan of $1.84M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!