PPP Loan Data — James J Petersen Construction, Glenwood, IA
James J Petersen Construction is a sole proprietorship located at 21532 Eastman Rd in Glenwood, Iowa that received a Coronavirus-related PPP loan from the SBA of $25,454.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Midstates Bank, National Association
James J Petersen Construction in Glenwood, IA received a Paycheck Protection Loan of $25,454 through Midstates Bank, National Association, which was approved in June, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, James J Petersen Construction's 2019 payroll expenses are estimated to be at least $122,179.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,726 per employee1
Reported PPP Proceed Usage:
On the PPP application, James J Petersen Construction reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,454
Business Information - James J Petersen Construction in Glenwood, IA
21532 Eastman Rd
Glenwood, IA 51534
Other Services to Buildings and Dwellings
NAICS code 561790
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Glenwood
In the Glenwood area, 2 businesses in the "Other Services to Buildings and Dwellings" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 3) and received an average PPP loan of $29,693 (compared to this company's $25,454).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 25,135 businesses in the "Other Services to Buildings and Dwellings" industry received a total of $1.14B 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 7 employees, 133% higher than James J Petersen Construction's reported 3 employees, and received an average PPP loan of $45,205, 78% higher than this company's loan of $25,454.
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Footnotes & Information
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