PPP Loan Data — Midwest Thermal Insulation, Inc, Davenport, IA
Midwest Thermal Insulation, Inc is a corporation located at 3205 W 76th St in Davenport, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,804,700.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Farmers & Merchants Savings Bank
Midwest Thermal Insulation, Inc in Davenport, IA received a Paycheck Protection Loan of $1.8M through Farmers & Merchants Savings Bank, 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 December, 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 Thermal Insulation, Inc's 2019 payroll expenses are estimated to be at least $8.66M.
Based on their reported 115 jobs retained, this equals an estimated average yearly compensation of $75,327 per employee1
Reported PPP Proceed Usage:
On the PPP application, Midwest Thermal Insulation, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,804,700
Business Information - Midwest Thermal Insulation, Inc in Davenport, IA
3205 W 76th St
Davenport, IA 52806
NAICS code 562910
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Davenport
In the Davenport area, 2 businesses in the "Remediation Services" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 115) and received an average PPP loan of $992,300 (compared to this company's $1.8M).
Similar Nearby Businesses Who Received PPP Funding:
Rilco Env, LLC
Industry PPP Comparison Statistics
Nationwide, 4,186 businesses in the "Remediation Services" industry received a total of $878.16M 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 18 employees, 84% lower than Midwest Thermal Insulation, Inc's reported 115 employees, and received an average PPP loan of $209,785, 88% lower than this company's loan of $1.8M.
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Footnotes & Information
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