PPP Loan Data — Precision Of New Hampton Inc, New Hampton, IA
Precision Of New Hampton Inc
Entity: Subchapter S Corporation
Location: New Hampton, IATweet This • Search All PPP Data
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 Status:Paid in Full or Forgiven
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
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, 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
515 Bailey Ave
New Hampton, IA 50659
Motor Vehicle Transmission and Power Train Parts Manufacturing
NAICS code 336350
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
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).
Similar Nearby Businesses Who Received PPP Funding:
Ginormous Industries LLC
New Hampton, IA
Hot Flush Inc
New Hampton, IA
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.
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Footnotes & Information
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