PPP Loan Data — Soilmaxx LLC, Iola, KS
Soilmaxx LLC is a limited liability company (LLC) located at 907 W Meadowbrook Rd in Iola, Kansas that received a Coronavirus-related PPP loan from the SBA of $46,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Community National Bank & Trust
Soilmaxx LLC in Iola, KS received a Paycheck Protection Loan of $46,200 through Community National Bank & Trust, which was approved in April, 2020.
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, Soilmaxx LLC's 2019 payroll expenses are estimated to be at least $221,760.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $73,920 per employee1
Reported PPP Proceed Usage:
On the PPP application, Soilmaxx LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $36,960
- Utilities: $2,310
- Mortgage Interest: $4,620
- Rent: $2,310
Business Information - Soilmaxx LLC in Iola, KS
907 W Meadowbrook Rd
Iola, KS 66749
Nursery, Garden Center, and Farm Supply Stores
NAICS code 444220
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 7,240 businesses in the "Nursery, Garden Center, and Farm Supply Stores" industry received a total of $689.88M 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 14 employees, 367% higher than Soilmaxx LLC's reported 3 employees, and received an average PPP loan of $95,287, 106% higher than this company's loan of $46,200.
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Footnotes & Information
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