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PPP Loan Data — Precision Of New Hampton Inc, New Hampton, IA

SBA PPP loan data, payroll data, and salaries for Precision Of New Hampton Inc
IA

Precision Of New Hampton Inc

Entity: Subchapter S Corporation

Industry: Motor Vehicle Transmission and Power Train Parts Manufacturing

Location: New Hampton, IA

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Precision Of New Hampton Inc is a subchapter s corporation located at 515 Bailey Ave in New Hampton, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,519,500.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 120 people during the applicable loan loan period.

$ PPP Loan Information
Loan #7277897008

Loan Size:

$1.52M

Jobs Retained:

120

Loan Approved:

2020-04-07

Loan Status:

Paid in Full or Forgiven

Lender:

Bank Iowa

Precision Of New Hampton Inc in New Hampton, IA received a Paycheck Protection Loan of $1.52M through Bank Iowa, 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 January, 2021.

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 More
Understanding 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 More

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, Precision Of New Hampton Inc's 2019 payroll expenses are estimated to be at least $7.29M.

Based on their reported 120 jobs retained, this equals an estimated average yearly compensation of $60,780 per employee1

Reported PPP Proceed Usage:

On the PPP application, Precision Of New Hampton Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,519,500

Business Information - Precision Of New Hampton Inc in New Hampton, IA

Precision Of New Hampton Inc
515 Bailey Ave
New Hampton, IA 50659

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Chickasaw County, IA — SBA Office 0736 — Congressional District: IA-04

Similar Companies near New Hampton

In the New Hampton area, 3 businesses in the "Motor Vehicle Transmission and Power Train Parts Manufacturing" industry received a PPP loan. These local businesses reported an average of 43 employees (compared to this company's 120) and received an average PPP loan of $541,800 (compared to this company's $1.52M).

Industry PPP Comparison Statistics

Nationwide, 442 businesses in the "Motor Vehicle Transmission and Power Train Parts Manufacturing" industry received a total of $129.26M 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, 78% lower than Precision Of New Hampton Inc's reported 120 employees, and received an average PPP loan of $292,433, 81% lower than this company's loan of $1.52M.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/precision-of-new-hampton-inc-new-hampton-ia