PPP Loan Data — Milco Hardware Inc, Viborg, SD
Milco Hardware Inc is a subchapter s corporation located at 106 N Main in Viborg, South Dakota that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least eleven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Merchants State Bank
Milco Hardware Inc in Viborg, SD received a Paycheck Protection Loan of $25,300 through Merchants State 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 February, 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, Milco Hardware Inc's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 11 jobs retained, this equals an estimated average yearly compensation of $11,040 per employee1
Reported PPP Proceed Usage:
On the PPP application, Milco Hardware Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,300
Business Information - Milco Hardware Inc in Viborg, SD
106 N Main
Viborg, SD 57070
NAICS code 444130
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 8,816 businesses in the "Hardware Stores" industry received a total of $736.15M 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 13 employees, 18% higher than Milco Hardware Inc's reported 11 employees, and received an average PPP loan of $83,502, 230% higher than this company's loan of $25,300.
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Footnotes & Information
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