PPP Loan Data — Munson Electric, Inc, Hiawatha, IA
Munson Electric, Inc
Location: Hiawatha, IATweet This • Search All PPP Data
Munson Electric, Inc is a corporation located at 1704 Commerce Blvd in Hiawatha, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,565,400.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least 66 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Farmers & Merchants Savings Bank
Munson Electric, Inc in Hiawatha, IA received a Paycheck Protection Loan of $1.57M 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 January, 2021.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 66 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 75. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Munson Electric, Inc's 2019 payroll expenses are estimated to be at least $7.51M (not accounting for salary amounts > $100k).
Because the 66 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Munson Electric, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,565,400
Business Information - Munson Electric, Inc in Hiawatha, IA
1704 Commerce Blvd
Hiawatha, IA 52233
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hiawatha
In the Hiawatha area, 7 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 70 employees (compared to this company's 66) and received an average PPP loan of $1,200,786 (compared to this company's $1.57M).
Similar Nearby Businesses Who Received PPP Funding:
Hawkeye Electrical Contractors Of Cedar Rapids, LTD
Communications Engineering Company
Premier Electrical Services Co
Hawkeye Electric - Quad Cities, Inc
Gleason Electric Co., Inc
Industry PPP Comparison Statistics
Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B 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 11 employees, 83% lower than Munson Electric, Inc's reported 66 employees, and received an average PPP loan of $142,494, 91% lower than this company's loan of $1.57M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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