PPP Loan Data — Madison County Memorial Hospital, Winterset, IA
Madison County Memorial Hospital is a non-profit organization located at 300 W Hutchings St in Winterset, Iowa that received a Coronavirus-related PPP loan from the SBA of $2,150,888.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Union State Bank
Madison County Memorial Hospital in Winterset, IA received a Paycheck Protection Loan of $2.15M through Union State Bank, which was approved in April, 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, Madison County Memorial Hospital's 2019 payroll expenses are estimated to be at least $10.32M.
Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $62,571 per employee1
Reported PPP Proceed Usage:
On the PPP application, Madison County Memorial Hospital reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,150,888
Business Information - Madison County Memorial Hospital in Winterset, IA
300 W Hutchings St
Winterset, IA 50273
General Medical and Surgical Hospitals
NAICS code 622110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 9,269 businesses in the "General Medical and Surgical Hospitals" industry received a total of $3.57B 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 36 employees, 78% lower than Madison County Memorial Hospital's reported 165 employees, and received an average PPP loan of $385,289, 82% lower than this company's loan of $2.15M.
FederalPay's PPP Information Policy
Footnotes & Information
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