PPP Loan Data — Imco General Construction Inc, Ferndale, WA
Imco General Construction Inc
Location: Ferndale, WATweet This • Search All PPP Data
Imco General Construction Inc is a corporation located at 2116 Buchanan Loop in Ferndale, Washington that received a Coronavirus-related PPP loan from the SBA of $2,928,582.00 in April, 2020.
$ PPP Loan Information
Lender:WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION
Imco General Construction Inc received a Paycheck Protection Loan of $2.93M through WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 140 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 141.
Based on standard PPP eligibility rules, Imco General Construction Inc's total 2019 payroll expenses were approximately $14.06M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 140 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Imco General Construction Inc in Ferndale, WA
2116 Buchanan Loop
Ferndale, WA 98248
Water and Sewer Line and Related Structures Construction (NAICS code 237110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: WA-01
Similar Companies near Ferndale
In the Ferndale area, 2 businesses in the "Water and Sewer Line and Related Structures Construction" industry received a PPP loan. These local businesses reported an average of 72 employees (compared to this company's 140) and received an average PPP loan of $1,482,936 (compared to this company's $2.93M).
Similar Nearby Businesses Who Received PPP Funding:
Water System Services, Inc.
Industry PPP Comparison Statistics
Nationwide, 5,092 businesses in the "Water and Sewer Line and Related Structures Construction" industry received a total of $1,334,037,195.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 17 employees, 88% lower than Imco General Construction Inc's reported 140 employees, and received an average PPP loan of $261,987, 91% lower than this company's loan of $2.93M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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