PPP Loan Data — Midwest Excavating, Salt Lake Cty, UT
Entity: Subchapter S Corporation
Location: Salt Lake Cty, UTTweet This • Search All PPP Data
Midwest Excavating is a subchapter s corporation located at 1690 6670 E in Salt Lake Cty, Utah that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:U.S. Bank, National Association
Midwest Excavating in Salt Lake Cty, UT received a Paycheck Protection Loan of $25,000 through U.S. Bank, National Association, 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, Midwest Excavating's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,143 per employee1
Reported PPP Proceed Usage:
On the PPP application, Midwest Excavating reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Midwest Excavating in Salt Lake Cty, UT
1690 6670 E
Salt Lake Cty, UT 84121
Water and Sewer Line and Related Structures Construction
NAICS code 237110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Salt Lake Cty
In the Salt Lake Cty 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 4 employees (compared to this company's 7) and received an average PPP loan of $16,855 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 8,904 businesses in the "Water and Sewer Line and Related Structures Construction" industry received a total of $1.93B 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 17 employees, 143% higher than Midwest Excavating's reported 7 employees, and received an average PPP loan of $216,804, 767% higher than this company's loan of $25,000.
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Footnotes & Information
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