PPP Loan Data — Highway Equipment Company, Cedar Rapids, IA
Highway Equipment Company is a subchapter s corporation located at 1330 76th Ave Sw in Cedar Rapids, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,922,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 149 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Farmers & Merchants Savings Bank
Highway Equipment Company in Cedar Rapids, IA received a Paycheck Protection Loan of $1.92M through Farmers & Merchants Savings Bank, which was approved in April, 2020.
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, Highway Equipment Company's 2019 payroll expenses are estimated to be at least $9.23M.
Based on their reported 149 jobs retained, this equals an estimated average yearly compensation of $61,917 per employee1
Reported PPP Proceed Usage:
On the PPP application, Highway Equipment Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,922,000
Business Information - Highway Equipment Company in Cedar Rapids, IA
1330 76th Ave Sw
Cedar Rapids, IA 52404
Farm Machinery and Equipment Manufacturing
NAICS code 333111
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Cedar Rapids
In the Cedar Rapids area, 2 businesses in the "Farm Machinery and Equipment Manufacturing" industry received a PPP loan. These local businesses reported an average of 107 employees (compared to this company's 149) and received an average PPP loan of $1,503,016 (compared to this company's $1.92M).
Similar Nearby Businesses Who Received PPP Funding:
Conveyor Eng. & MFG. Co
Cedar Rapids, IA
Industry PPP Comparison Statistics
Nationwide, 1,679 businesses in the "Farm Machinery and Equipment Manufacturing" industry received a total of $396M 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 21 employees, 86% lower than Highway Equipment Company's reported 149 employees, and received an average PPP loan of $235,854, 88% lower than this company's loan of $1.92M.
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Footnotes & Information
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