PPP Loan Data — Oftedal Construction, Inc, Miles City, MT
Oftedal Construction, Inc is an employee stock ownership plan(esop) located at P O Box 400 206 Mt Hwy 59 N in Miles City, Montana that received a Coronavirus-related PPP loan from the SBA of $3,855,216.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:U.S. Bank, National Association
Oftedal Construction, Inc in Miles City, MT received a Paycheck Protection Loan of $3.86M through U.S. Bank, National Association, 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 July, 2021.
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, Oftedal Construction, Inc's 2019 payroll expenses are estimated to be at least $18.51M.
Based on their reported 383 jobs retained, this equals an estimated average yearly compensation of $48,316 per employee1
Reported PPP Proceed Usage:
On the PPP application, Oftedal Construction, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,855,216
Business Information - Oftedal Construction, Inc in Miles City, MT
P O Box 400 206 Mt Hwy 59 N
Miles City, MT 59301
Highway, Street, and Bridge Construction
NAICS code 237310
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Miles City
In the Miles City area, 4 businesses in the "Highway, Street, and Bridge Construction" industry received a PPP loan. These local businesses reported an average of 102 employees (compared to this company's 383) and received an average PPP loan of $1,080,625 (compared to this company's $3.86M).
Similar Nearby Businesses Who Received PPP Funding:
Diamond J Construction LLC
Miles City, MT
Three G Construction, LLC
Miles City, MT
Industry PPP Comparison Statistics
Nationwide, 11,409 businesses in the "Highway, Street, and Bridge Construction" industry received a total of $3.92B 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, 93% lower than Oftedal Construction, Inc's reported 383 employees, and received an average PPP loan of $343,619, 91% lower than this company's loan of $3.86M.
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Footnotes & Information
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