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PPP Loan Data — Newway Forming Inc,
Lynnwood, WA
Newway Forming Inc
Entity: Corporation
Industry: Poured Concrete Foundation and Structure Contractors
Location: Lynnwood, WA
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Newway Forming Inc is a corporation located at 1133 164th St Sw Ste 204 in Lynnwood, Washington that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #3368178509
Loan Size:
Jobs Retained:
142Loan Approved:
2021-02-23Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationNewway Forming Inc in Lynnwood, WA received a Paycheck Protection Loan of $2M through Bank of America, National Association, which was approved in February, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Newway Forming Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 142 jobs retained, this equals an estimated average yearly compensation of $67,606 per employee1
Reported PPP Proceed Usage:
On the PPP application, Newway Forming Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Newway Forming Inc in Lynnwood, WA
1133 164th St Sw Ste 204
Lynnwood, WA 98087
Business Industry:
Poured Concrete Foundation and Structure Contractors
NAICS code 238110
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Lynnwood
In the Lynnwood area, 4 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 142) and received an average PPP loan of $705,145 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Edge Concrete Construction LLC
Lynnwood, WA
Tom Nguyen
Lynnwood, WA
Discovery Industries Inc
Lynnwood, WA
Industry PPP Comparison Statistics
Nationwide, 18,961 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a total of $2.93B 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 14 employees, 90% lower than Newway Forming Inc's reported 142 employees, and received an average PPP loan of $154,369, 92% lower than this company's loan of $2M.
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 #9888487001
Loan Size:
Jobs Retained:
146Loan Approved:
2020-04-09Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationNewway Forming Inc in Lynnwood, WA received a Paycheck Protection Loan of $3M through Bank of America, National Association, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Newway Forming Inc's 2019 payroll expenses are estimated to be at least $14.4M.
Based on their reported 146 jobs retained, this equals an estimated average yearly compensation of $98,630 per employee1
Reported PPP Proceed Usage:
On the PPP application, Newway Forming Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,000,000
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: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Lynnwood
In the Lynnwood area, 12 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 146) and received an average PPP loan of $349,691 (compared to this company's $3M).
Similar Nearby Businesses Who Received PPP Funding:
North Seattle Drywall & Painting Corporation
Lynnwood, WA
Brodrick Construction, Inc
Lynnwood, WA
American Railworks, LLC
Lynnwood, WA
Northwest Roofing Systems Inc
Lynnwood, WA
Luks Construction LLC
Lynnwood, WA
Adamant Homes, LLC
Lynnwood, WA
Neko Branch LLC
Lynnwood, WA
Adair Enterprises, LLC
Lynnwood, WA
Industry PPP Comparison Statistics
Nationwide, 103,577 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a total of $5.27B 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 $50,927, 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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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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