PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Midwest Industries Inc, Ida Grove, IA

ALERT: There are 2 PPP loans for a total of $4.77M in our database for businesses with the name "Midwest Industries Inc" in Ida Grove, IA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Midwest Industries Inc
IA

Midwest Industries Inc

Entity: Corporation

Industry: Travel Trailer and Camper Manufacturing

Location: Ida Grove, IA

Search All PPP Data

Midwest Industries Inc is a corporation located at 122 E State Highway 175 in Ida Grove, Iowa that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

The company has reported itself as a White male owned business, and employed at least 261 people during the applicable loan loan period.

$ PPP Loan Information
Loan #2994908506

Loan Size:

$2M

Jobs Retained:

261

Loan Approved:

2021-02-22

Loan Status:

Ongoing Loan

Lender:

Iowa State Bank

Midwest Industries Inc in Ida Grove, IA received a Paycheck Protection Loan of $2M through Iowa State Bank, which was approved in February, 2021.

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

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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 Industries Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 261 jobs retained, this equals an estimated average yearly compensation of $36,782 per employee1

Reported PPP Proceed Usage:

On the PPP application, Midwest Industries Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,000,000
Because the loan received by Midwest Industries Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Midwest Industries Inc in Ida Grove, IA

Midwest Industries Inc
122 E State Highway 175
Ida Grove, IA 51445

Business Industry:
Travel Trailer and Camper Manufacturing
NAICS code 336214

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Ida County, IA — SBA Office 0761 — Congressional District: IA-04

Industry PPP Comparison Statistics

Nationwide, 416 businesses in the "Travel Trailer and Camper Manufacturing" industry received a total of $98.68M 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 26 employees, 90% lower than Midwest Industries Inc's reported 261 employees, and received an average PPP loan of $237,217, 88% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Midwest Industries, Inc
IA

Midwest Industries, Inc

Entity: Corporation

Industry: Boat Building

Location: Ida Grove, IA

Search All PPP Data

Midwest Industries, Inc is a corporation located at 122 E State Hwy 175 in Ida Grove, Iowa that received a Coronavirus-related PPP loan from the SBA of $2,769,100.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 266 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5481277008

Loan Size:

$2.77M

Jobs Retained:

266

Loan Approved:

2020-04-05

Loan Status:

Ongoing Loan

Lender:

Iowa State Bank

Midwest Industries, Inc in Ida Grove, IA received a Paycheck Protection Loan of $2.77M through Iowa State Bank, which was approved in April, 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

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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 Industries, Inc's 2019 payroll expenses are estimated to be at least $13.29M.

Based on their reported 266 jobs retained, this equals an estimated average yearly compensation of $49,969 per employee1

Reported PPP Proceed Usage:

On the PPP application, Midwest Industries, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,769,100
Because the loan received by Midwest Industries, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Midwest Industries, Inc in Ida Grove, IA

Midwest Industries, Inc
122 E State Hwy 175
Ida Grove, IA 51445

Business Industry:
Boat Building
NAICS code 336612

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Ida County, IA — SBA Office 0761 — Congressional District: IA-04

Industry PPP Comparison Statistics

Nationwide, 1,255 businesses in the "Boat Building" industry received a total of $287.83M 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 23 employees, 91% lower than Midwest Industries, Inc's reported 266 employees, and received an average PPP loan of $229,347, 92% lower than this company's loan of $2.77M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/midwest-industries-inc-ida-grove-ia