PPP Loan Data — Imon Communications LLC, Cedar Rapids, IA
Imon Communications LLC is a limited liability company (LLC) located at 101 Third Avenue Sw Suite 400 in Cedar Rapids, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,861,700.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Imon Communications LLC in Cedar Rapids, IA received a Paycheck Protection Loan of $1.86M through MidWestOne Bank, 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 March, 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, Imon Communications LLC's 2019 payroll expenses are estimated to be at least $8.94M.
Based on their reported 133 jobs retained, this equals an estimated average yearly compensation of $67,189 per employee1
Reported PPP Proceed Usage:
On the PPP application, Imon Communications LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,396,275
- Utilities: $116,356
- Mortgage Interest: $116,356
- Rent: $116,356
- Health Care: $116,356
Business Information - Imon Communications LLC in Cedar Rapids, IA
101 Third Avenue Sw Suite 400
Cedar Rapids, IA 52404
Wired Telecommunications Carriers
NAICS code 517311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,832 businesses in the "Wired Telecommunications Carriers" industry received a total of $366.35M 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 15 employees, 89% lower than Imon Communications LLC's reported 133 employees, and received an average PPP loan of $199,970, 89% lower than this company's loan of $1.86M.
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Footnotes & Information
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