PPP Loan Data — Vander Haag's Inc, Spencer, IA
Vander Haag's Inc
Location: Spencer, IATweet This • Search All PPP Data
Vander Haag's Inc is a corporation located at 3809 4th Ave W in Spencer, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,960,100.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 250 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Vander Haag's Inc in Spencer, IA received a Paycheck Protection Loan of $1.96M through Northwest 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 March, 2021.
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, Vander Haag's Inc's 2019 payroll expenses are estimated to be at least $9.41M.
Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $37,634 per employee1
Reported PPP Proceed Usage:
On the PPP application, Vander Haag's Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,470,075
- Utilities: $98,005
- Mortgage Interest: $392,020
Business Information - Vander Haag's Inc in Spencer, IA
3809 4th Ave W
Spencer, IA 51301
Motor Vehicle Supplies and New Parts Merchant Wholesalers
NAICS code 423120
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Spencer
In the Spencer area, 2 businesses in the "Motor Vehicle Supplies and New Parts Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 141 employees (compared to this company's 250) and received an average PPP loan of $1,091,050 (compared to this company's $1.96M).
Similar Nearby Businesses Who Received PPP Funding:
Engineered Seals & Components, LLC
Industry PPP Comparison Statistics
Nationwide, 5,778 businesses in the "Motor Vehicle Supplies and New Parts Merchant Wholesalers" industry received a total of $789.24M 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, 94% lower than Vander Haag's Inc's reported 250 employees, and received an average PPP loan of $136,595, 93% lower than this company's loan of $1.96M.
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Footnotes & Information
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