PPP Loan Data — Merrill Iron & Steel, Inc, Schofield, WI
Merrill Iron & Steel, Inc is a subchapter s corporation located at 900 Alderson Street in Schofield, Wisconsin that received a Coronavirus-related PPP loan from the SBA of $5,037,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:BMO Harris Bank National Association
Merrill Iron & Steel, Inc in Schofield, WI received a Paycheck Protection Loan of $5.04M through BMO Harris Bank National Association, 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 July, 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, Merrill Iron & Steel, Inc's 2019 payroll expenses are estimated to be at least $24.18M.
Based on their reported 435 jobs retained, this equals an estimated average yearly compensation of $55,581 per employee1
Reported PPP Proceed Usage:
On the PPP application, Merrill Iron & Steel, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,037,000
Business Information - Merrill Iron & Steel, Inc in Schofield, WI
900 Alderson Street
Schofield, WI 54476
Fabricated Structural Metal Manufacturing
NAICS code 332312
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Schofield
In the Schofield area, 3 businesses in the "Fabricated Structural Metal Manufacturing" industry received a PPP loan. These local businesses reported an average of 160 employees (compared to this company's 435) and received an average PPP loan of $1,878,490 (compared to this company's $5.04M).
Similar Nearby Businesses Who Received PPP Funding:
Custom Steel Inc
Industry PPP Comparison Statistics
Nationwide, 5,135 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $1.41B 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 24 employees, 94% lower than Merrill Iron & Steel, Inc's reported 435 employees, and received an average PPP loan of $274,405, 95% lower than this company's loan of $5.04M.
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Footnotes & Information
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