PPP Loan Data — Van Meter Inc., Cedar Rapids, IA
Van Meter Inc.
Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
Location: Cedar Rapids, IATweet This • Search All PPP Data
Van Meter Inc. is a corporation located at 850 32nd Ave Sw in Cedar Rapids, Iowa that received a Coronavirus-related PPP loan from the SBA of $7,413,400.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 105 people during the applicable loan loan period.
$ PPP Loan Information
Van Meter Inc. received a Paycheck Protection Loan of $7.41M through COMMERCE BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 105 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 356.
Based on standard PPP eligibility rules, Van Meter Inc.'s total 2019 payroll expenses were approximately $35.58M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 105 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Van Meter Inc. in Cedar Rapids, IA
850 32nd Ave Sw
Cedar Rapids, IA 52404
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: IA-01
Similar Companies near Cedar Rapids
In the Cedar Rapids area, 2 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 54 employees (compared to this company's 105) and received an average PPP loan of $3,729,350 (compared to this company's $7.41M).
Similar Nearby Businesses Who Received PPP Funding:
Cedar Rapids, IA
Industry PPP Comparison Statistics
Nationwide, 4,322 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $994,969,830.00 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 15 employees, 86% lower than Van Meter Inc.'s reported 105 employees, and received an average PPP loan of $230,211, 97% lower than this company's loan of $7.41M.
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Footnotes & Information
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