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PPP Loan Data — American Resources Corporation,
Fishers, IN
American Resources Corporation
Entity: Corporation
Industry: Iron Ore Mining
Location: Fishers, IN
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American Resources Corporation is a corporation located at 12115 Visionary Way Suite 174 in Fishers, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,649,800.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 238 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4345607110
Loan Size:
Jobs Retained:
238Loan Approved:
2020-04-13Loan Status:
Ongoing LoanLender:
Merchants Bank of IndianaAmerican Resources Corporation in Fishers, IN received a Paycheck Protection Loan of $2.65M through Merchants Bank of Indiana, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, American Resources Corporation's 2019 payroll expenses are estimated to be at least $12.72M.
Based on their reported 238 jobs retained, this equals an estimated average yearly compensation of $53,441 per employee1
Reported PPP Proceed Usage:
On the PPP application, American Resources Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,649,800
Business Information - American Resources Corporation in Fishers, IN
12115 Visionary Way Suite 174
Fishers, IN 46038
Business Industry:
Iron Ore Mining
NAICS code 212210
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 43 businesses in the "Iron Ore Mining" industry received a total of $6.46M 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 13 employees, 95% lower than American Resources Corporation's reported 238 employees, and received an average PPP loan of $150,183, 94% lower than this company's loan of $2.65M.
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.
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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