PPP Loan Data — Holland Engineering Inc, Holland, MI
Holland Engineering Inc is a corporation located at 220 Hoover Blvd in Holland, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,603,920.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Mercantile Bank of Michigan
Holland Engineering Inc in Holland, MI received a Paycheck Protection Loan of $1.6M through Mercantile Bank of Michigan, 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 December, 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, Holland Engineering Inc's 2019 payroll expenses are estimated to be at least $7.7M.
Based on their reported 110 jobs retained, this equals an estimated average yearly compensation of $69,989 per employee1
Reported PPP Proceed Usage:
On the PPP application, Holland Engineering Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,551,920
- Utilities: $4,000
- Rent: $48,000
Business Information - Holland Engineering Inc in Holland, MI
220 Hoover Blvd
Holland, MI 49423
NAICS code 541330
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Holland
In the Holland area, 22 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 110) and received an average PPP loan of $258,769 (compared to this company's $1.6M).
Similar Nearby Businesses Who Received PPP Funding:
SE Solutions, LLC
Daimay North America Automotive Engineering Technology, Inc
Top Line Engineering LLC
True Form Tool And Engineering, LLC
Restore Consulting, LLC
E3 Compliance, LLC
EVO Engineering And Design
Industry PPP Comparison Statistics
Nationwide, 47,152 businesses in the "Engineering Services" industry received a total of $9.19B 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 13 employees, 88% lower than Holland Engineering Inc's reported 110 employees, and received an average PPP loan of $194,873, 88% lower than this company's loan of $1.6M.
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Footnotes & Information
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