PPP Loan Data — Norwalk Redi-Mixed Concrete, Inc, Norwalk, IA
Norwalk Redi-Mixed Concrete, Inc is a corporation located at 1535 North Ave. in Norwalk, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,846,300.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 130 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:City State Bank
Norwalk Redi-Mixed Concrete, Inc in Norwalk, IA received a Paycheck Protection Loan of $1.85M through City 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 December, 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, Norwalk Redi-Mixed Concrete, Inc's 2019 payroll expenses are estimated to be at least $8.86M.
Based on their reported 130 jobs retained, this equals an estimated average yearly compensation of $68,171 per employee1
Reported PPP Proceed Usage:
On the PPP application, Norwalk Redi-Mixed Concrete, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,846,300
Business Information - Norwalk Redi-Mixed Concrete, Inc in Norwalk, IA
1535 North Ave.
Norwalk, IA 50211
Ready-Mix Concrete Manufacturing
NAICS code 327320
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,707 businesses in the "Ready-Mix Concrete Manufacturing" industry received a total of $518.44M 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 26 employees, 80% lower than Norwalk Redi-Mixed Concrete, Inc's reported 130 employees, and received an average PPP loan of $303,712, 84% lower than this company's loan of $1.85M.
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Footnotes & Information
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