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PPP Loan Data — Newway Forming Inc,
Lynnwood, WA
Newway Forming Inc
Entity: Corporation
Industry: New Single-Family Housing Construction (except For-Sale Builders)
Location: Lynnwood, WA
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Newway Forming Inc is a corporation located at 1133 164th St Ste 206 in Lynnwood, Washington that received a Coronavirus-related PPP loan from the SBA of $3,000,000.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
146Loan Approved:
2020-04-09Lender:
BANK OF AMERICA, NATIONAL ASSOCIATIONNewway Forming Inc received a Paycheck Protection Loan of $3M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Newway Forming Inc's total 2019 payroll expenses were approximately $14.4M in order to qualify for the PPP loan amount received.
Based on their reported 146 jobs retained, this equals an estimated average yearly compensation of $98,630 per employee1.
Business Information - Newway Forming Inc in Lynnwood, WA
1133 164th St Ste 206
Lynnwood, WA 98087
Business Industry
New Single-Family Housing Construction (except For-Sale Builders) (NAICS code 236115)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: WA-02Similar Companies near Lynnwood
In the Lynnwood area, 9 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a PPP loan. These local businesses reported an average of 22 employees (compared to this company's 146) and received an average PPP loan of $415,732 (compared to this company's $3M).
Similar Nearby Businesses Who Received PPP Funding:
North Seattle Drywall & Painting Corporation
Lynnwood, WA
Adair Enterprises, LLC
Lynnwood, WA
Adamant Homes, LLC
Lynnwood, WA
Luks Construction LLC
Lynnwood, WA
Neko Branch LLC
Lynnwood, WA
Brodrick Construction, Inc.
Lynnwood, WA
Northwest Roofing Systems Inc.
Lynnwood, WA
American Railworks, LLC
Lynnwood, WA
Industry PPP Comparison Statistics
Nationwide, 64,726 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a total of $3,790,773,096.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 5 employees, 97% lower than Newway Forming Inc's reported 146 employees, and received an average PPP loan of $58,566, 98% lower than this company's loan of $3M.
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.
Footnotes & Information
1. 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.
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