PPP Loan Data — Progress Industries, Newton, IA
Progress Industries is a non-profit organization located at 202 N 3rd Ave W in Newton, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,697,900.00 in April, 2020.
The company has reported itself as a male owned non-profit, and employed at least 223 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Progress Industries in Newton, IA received a Paycheck Protection Loan of $1.7M through FNNB 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 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, Progress Industries' 2019 payroll expenses are estimated to be at least $8.15M.
Based on their reported 223 jobs retained, this equals an estimated average yearly compensation of $36,547 per employee1
Reported PPP Proceed Usage:
On the PPP application, Progress Industries reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,697,900
Business Information - Progress Industries in Newton, IA
202 N 3rd Ave W
Newton, IA 50208
Administration of Public Health Programs
NAICS code 923120
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,012 businesses in the "Administration of Public Health Programs" industry received a total of $160.1M 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 16 employees, 93% lower than Progress Industries' reported 223 employees, and received an average PPP loan of $158,200, 91% lower than this company's loan of $1.7M.
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Footnotes & Information
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