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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
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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:
Jobs Retained:
250Loan Approved:
2020-04-03Lender:
CORNERSTONE BANKTruenorth 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.
Business Information - Truenorth Steel, Inc. in West Fargo, ND
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
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.
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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