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PPP Loan Data — Truenorth Steel, Inc., West Fargo, ND

SBA PPP loan data, payroll data, and salaries for Truenorth Steel, Inc.
ND

Truenorth Steel, Inc.

Entity: Subchapter S Corporation

Industry: Fabricated Structural Metal Manufacturing

Location: West Fargo, ND

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Truenorth Steel, Inc. is a subchapter s corporation located at 702 13th Ave in West Fargo, North Dakota that received a Coronavirus-related PPP loan from the SBA of $5,002,200.00 in April, 2020.

The company has reported itself as a White female owned business, and employed at least 250 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$5M

Jobs Retained:

250

Loan Approved:

2020-04-03

Lender:

CORNERSTONE BANK

Truenorth Steel, Inc. in West Fargo, ND received a Paycheck Protection Loan of $5M through CORNERSTONE BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Truenorth Steel, Inc.'s total 2019 payroll expenses were approximately $24.01M in order to qualify for the PPP loan amount received.

Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $96,042 per employee1.

Because the loan received by Truenorth Steel, Inc. 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 - Truenorth Steel, Inc. in West Fargo, ND

Truenorth Steel, Inc.
702 13th Ave
West Fargo, ND 58078

Business Industry

Fabricated Structural Metal Manufacturing (NAICS code 332312)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: FEMALE OWNED

Veteran Status: NON-VETERAN

Congressional District: ND-

Similar Companies near West Fargo

In the West Fargo area, 2 businesses in the "Fabricated Structural Metal Manufacturing" industry received a PPP loan. These local businesses reported an average of 134 employees (compared to this company's 250) and received an average PPP loan of $2,613,450 (compared to this company's $5M).

Similar Nearby Businesses Who Received PPP Funding:

Galvanizers, Inc.
West Fargo, ND

$224,700 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 3,076 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $957,416,230.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 23 employees, 91% lower than Truenorth Steel, Inc.'s reported 250 employees, and received an average PPP loan of $311,254, 94% lower than this company's loan of $5M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/truenorth-steel-inc-west-fargo-nd