PPP Loan Data — Simon's Trucking Inc, Farley, IA
Simon's Trucking Inc
Entity: Subchapter S Corporation
Location: Farley, IATweet This • Search All PPP Data
Simon's Trucking Inc is a subchapter s corporation located at 920 Simon Drive in Farley, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,810,700.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Cedar Rapids Bank and Trust Company
Simon's Trucking Inc in Farley, IA received a Paycheck Protection Loan of $1.81M through Cedar Rapids Bank and Trust Company, 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 May, 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, Simon's Trucking Inc's 2019 payroll expenses are estimated to be at least $8.69M.
Based on their reported 149 jobs retained, this equals an estimated average yearly compensation of $58,331 per employee1
Reported PPP Proceed Usage:
On the PPP application, Simon's Trucking Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,810,700
Business Information - Simon's Trucking Inc in Farley, IA
920 Simon Drive
Farley, IA 52046
General Freight Trucking, Long-Distance, Truckload
NAICS code 484121
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Farley
In the Farley area, 12 businesses in the "General Freight Trucking, Long-Distance, Truckload" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 149) and received an average PPP loan of $164,397 (compared to this company's $1.81M).
Similar Nearby Businesses Who Received PPP Funding:
Travis Hunt Trucking
Heisler Boys Trucking, LLC
Kress Transport LLC
Industry PPP Comparison Statistics
Nationwide, 116,089 businesses in the "General Freight Trucking, Long-Distance, Truckload" industry received a total of $4.64B 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 3 employees, 98% lower than Simon's Trucking Inc's reported 149 employees, and received an average PPP loan of $39,939, 98% lower than this company's loan of $1.81M.
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Footnotes & Information
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