RDO Truck Center in Fargo, ND - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — RDO Truck Center, Fargo, ND

RDO Truck Center

Entity: Subchapter S Corporation

Industry: Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing

Location: Fargo, ND

RDO Truck Center is a subchapter s corporation located at 3401 38th St S in Fargo, North Dakota that received a Coronavirus-related PPP loan from the SBA of $3,087,187.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 211 people during the applicable loan loan period.

$ PPP Loan Information
Loan #1077357106

Loan Size:

$3.09M

Jobs Retained:

211

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

First National Bank of Omaha

RDO Truck Center in Fargo, ND received a Paycheck Protection Loan of $3.09M through First National Bank of Omaha, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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.

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.

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, RDO Truck Center's 2019 payroll expenses are estimated to be at least $14.82M.

Based on their reported 211 jobs retained, this equals an estimated average yearly compensation of $70,230 per employee¹

Reported PPP Proceed Usage:

On the PPP application, RDO Truck Center reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,087,187

Because the loan received by RDO Truck Center is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - RDO Truck Center in Fargo, ND

RDO Truck Center
3401 38th St S
Fargo, ND 58104

Business Industry:
Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing
NAICS code 532120

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Cass County, ND — SBA Office 0875 — Congressional District: ND-

Similar Companies near Fargo

In the Fargo area, 4 businesses in the "Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing" industry received a PPP loan. These local businesses reported an average of 60 employees (compared to this company's 211) and received an average PPP loan of $850,349 (compared to this company's $3.09M).

Similar Nearby Businesses Who Received PPP Funding:

Dell Arneson Inc
Fargo, ND

$60,200 PPP Loan

I-29 Trailer Sales Inc
Fargo, ND

$174,200 PPP Loan

RDO Truck Leasing, LLC
Fargo, ND

$79,810 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 2,552 businesses in the "Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing" industry received a total of $281.92M 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 10 employees, 95% lower than RDO Truck Center's reported 211 employees, and received an average PPP loan of $110,469, 96% lower than this company's loan of $3.09M.

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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