PPP Loan Data — IKA Works Inc, Wilmington, NC
IKA Works Inc is a corporation located at 2635 Northchase Pkwy Se in Wilmington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,577,800.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
IKA Works Inc in Wilmington, NC received a Paycheck Protection Loan of $1.58M through Truist Bank d/b/a Branch Banking & Trust Co, 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 May, 2021.
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, IKA Works Inc's 2019 payroll expenses are estimated to be at least $7.57M.
Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $70,124 per employee1
Reported PPP Proceed Usage:
On the PPP application, IKA Works Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,577,800
Business Information - IKA Works Inc in Wilmington, NC
2635 Northchase Pkwy Se
Wilmington, NC 28405
All Other Miscellaneous Manufacturing
NAICS code 339999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 17,359 businesses in the "All Other Miscellaneous Manufacturing" industry received a total of $2.06B 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 12 employees, 89% lower than IKA Works Inc's reported 108 employees, and received an average PPP loan of $118,586, 92% lower than this company's loan of $1.58M.
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Footnotes & Information
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