PPP Loan Information — CRUZ CONSTRUCTION INC
CRUZ CONSTRUCTION INC is a subchapter s corporation located in Palmer, Alaska that received a Coronavirus-related PPP loan from the SBA of at least $5,000,000.00 in April, 2020.
PPP Loan Information
Lender:First National Bank Alaska
CRUZ CONSTRUCTION INC received a Paycheck Protection Loan of between 5M and 10M through First National Bank Alaska, 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 215 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 240
Based on standard PPP eligibility rules, CRUZ CONSTRUCTION INC's total 2019 payroll expenses were between $24M and $48M in order to qualify for the PPP loan amount received. Because the 215 jobs reported is not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - CRUZ CONSTRUCTION INC in PALMER, AK
7000 East Palmer Wasilla Hwy
PALMER, AK 99645
Other Foundation, Structure, and Building Exterior Contractors (NAICS code 238190)
Business Owner Demographics
Race / Ethnicity: Unanswered
Veteran Status: UnansweredAK - 00
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for private companies that received a PPP loan of $150,000 or over. 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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.