PPP Loan Data — Seven Verbs LLC, Grimes, IA
Seven Verbs LLC is a limited liability company (LLC) located in Grimes, Iowa that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least one person during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Seven Verbs LLC in Grimes, IA received a Paycheck Protection Loan of $25,200 through Northwest 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 April, 2021.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Seven Verbs LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Seven Verbs LLC in Grimes, IA
* Full address is redacted to protect the privacy of individuals.
Computer Systems Design Services
NAICS code 541512
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: Urban
Similar Companies near Grimes
In the Grimes area, 2 businesses in the "Computer Systems Design Services" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 1) and received an average PPP loan of $18,525 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Central Iowa Consulting, Inc
Industry PPP Comparison Statistics
Nationwide, 31,382 businesses in the "Computer Systems Design Services" industry received a total of $4.35B 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, 900% higher than Seven Verbs LLC's reported 1 employees, and received an average PPP loan of $138,748, 451% higher than this company's loan of $25,200.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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