PPP Loan Data — C & C Boiler Sales & Service, Inc, Cornelius, NC
C & C Boiler Sales & Service, Inc
Location: Cornelius, NCTweet This • Search All PPP Data
C & C Boiler Sales & Service, Inc is a corporation located at 17115 Kenton Drive in Cornelius, North Carolina that received a Coronavirus-related PPP loan from the SBA of $2,353,900.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First-Citizens Bank & Trust Company
C & C Boiler Sales & Service, Inc in Cornelius, NC received a Paycheck Protection Loan of $2.35M through First-Citizens Bank & Trust Company, which was approved in April, 2020.
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, C & C Boiler Sales & Service, Inc's 2019 payroll expenses are estimated to be at least $11.3M.
Based on their reported 154 jobs retained, this equals an estimated average yearly compensation of $73,368 per employee1
Reported PPP Proceed Usage:
On the PPP application, C & C Boiler Sales & Service, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,353,900
Business Information - C & C Boiler Sales & Service, Inc in Cornelius, NC
17115 Kenton Drive
Cornelius, NC 28031
Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers
NAICS code 423720
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Cornelius
In the Cornelius area, 3 businesses in the "Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 67 employees (compared to this company's 154) and received an average PPP loan of $944,778 (compared to this company's $2.35M).
Similar Nearby Businesses Who Received PPP Funding:
DCE Solar Inc
DCE Solar LLC
Industry PPP Comparison Statistics
Nationwide, 4,248 businesses in the "Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers" industry received a total of $720.86M 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, 92% lower than C & C Boiler Sales & Service, Inc's reported 154 employees, and received an average PPP loan of $169,693, 93% lower than this company's loan of $2.35M.
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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