PPP Loan Data — Miedema Produce, Inc, Hudsonville, MI
Miedema Produce, Inc is a corporation located at 5005 40th Ave in Hudsonville, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,995,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:West Michigan Community Bank
Miedema Produce, Inc in Hudsonville, MI received a Paycheck Protection Loan of $2M through West Michigan Community 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, Miedema Produce, Inc's 2019 payroll expenses are estimated to be at least $9.58M.
Based on their reported 236 jobs retained, this equals an estimated average yearly compensation of $40,578 per employee1
Reported PPP Proceed Usage:
On the PPP application, Miedema Produce, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,995,100
Business Information - Miedema Produce, Inc in Hudsonville, MI
5005 40th Ave
Hudsonville, MI 49426
Fresh Fruit and Vegetable Merchant Wholesalers
NAICS code 424480
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hudsonville
In the Hudsonville area, 4 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 236) and received an average PPP loan of $640,588 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Crispheart Produce, Inc
Casey Woodwyk, Inc
Industry PPP Comparison Statistics
Nationwide, 4,225 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a total of $800.94M 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 19 employees, 92% lower than Miedema Produce, Inc's reported 236 employees, and received an average PPP loan of $189,572, 90% lower than this company's loan of $2M.
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Footnotes & Information
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