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

Truenorth Steel, Inc

Entity: Subchapter S Corporation

Industry: Fabricated Structural Metal Manufacturing

Location: West Fargo, ND

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 358 people during the applicable loan loan period.

$ PPP Loan Information
Loan #4397957003

Loan Size:

$5M

Jobs Retained:

358

Loan Approved:

2020-04-03

Loan Status:

Paid in Full or Forgiven

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.

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 August, 2021.

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, Truenorth Steel, Inc's 2019 payroll expenses are estimated to be at least $24.01M.

Based on their reported 358 jobs retained, this equals an estimated average yearly compensation of $67,069 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Truenorth Steel, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,751,649
Utilities: $625,275
Mortgage Interest: $625,276

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: White

Ethnicity: Not Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

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

Businesses Using Same Address:

There are 3 other businesses that received a PPP loan registered to the same address as Truenorth Steel, Inc.

FTC Transport, Inc
Specialized Freight (except Used Goods) Trucking, Long-Distance

$337,900 PPP Loan

Minnkota Windows, Inc
Wood Window and Door Manufacturing

$715,200 PPP Loan

Rommesmo Companies, Inc
Offices of Other Holding Companies

$2.42M PPP Loan

Similar Companies near West Fargo

In the West Fargo area, 3 businesses in the "Fabricated Structural Metal Manufacturing" industry received a PPP loan. These local businesses reported an average of 128 employees (compared to this company's 358) and received an average PPP loan of $1,785,775 (compared to this company's $5M).

Similar Nearby Businesses Who Received PPP Funding:

Galvanizers, Inc
West Fargo, ND

$224,700 PPP Loan

Smooth Investments LLC
West Fargo, ND

$130,425 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 5,134 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $1.41B 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 24 employees, 93% lower than Truenorth Steel, Inc's reported 358 employees, and received an average PPP loan of $274,455, 95% 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, 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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