PPP Loan Data — Norwood Sales, Inc, Horace, ND
Norwood Sales, Inc is a corporation located at 11202 38th St S in Horace, North Dakota that received a Coronavirus-related PPP loan from the SBA of $2,119,100.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 186 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First International Bank & Trust
Norwood Sales, Inc in Horace, ND received a Paycheck Protection Loan of $2.12M through First International Bank & Trust, which was approved in April, 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, Norwood Sales, Inc's 2019 payroll expenses are estimated to be at least $10.17M.
Based on their reported 186 jobs retained, this equals an estimated average yearly compensation of $54,686 per employee1
Reported PPP Proceed Usage:
On the PPP application, Norwood Sales, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,849,050
- Utilities: $180,000
- Rent: $90,050
Business Information - Norwood Sales, Inc in Horace, ND
11202 38th St S
Horace, ND 58047
Farm Machinery and Equipment Manufacturing
NAICS code 333111
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Horace
In the Horace area, 3 businesses in the "Farm Machinery and Equipment Manufacturing" industry received a PPP loan. These local businesses reported an average of 69 employees (compared to this company's 186) and received an average PPP loan of $767,001 (compared to this company's $2.12M).
Similar Nearby Businesses Who Received PPP Funding:
TSR Parts Inc
Industry PPP Comparison Statistics
Nationwide, 1,679 businesses in the "Farm Machinery and Equipment Manufacturing" industry received a total of $396M 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 21 employees, 89% lower than Norwood Sales, Inc's reported 186 employees, and received an average PPP loan of $235,854, 89% lower than this company's loan of $2.12M.
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Footnotes & Information
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