PPP Loan Data — Clark Fruit And Vegetable Farm Inc, Proctorville, OH
Clark Fruit And Vegetable Farm Inc is a subchapter s corporation located at 14995 Ohio 7 in Proctorville, Ohio that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:American Express National Bank
Clark Fruit And Vegetable Farm Inc in Proctorville, OH received a Paycheck Protection Loan of $25,000 through American Express National Bank, which was approved in May, 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, Clark Fruit And Vegetable Farm Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 13 jobs retained, this equals an estimated average yearly compensation of $9,231 per employee1
Reported PPP Proceed Usage:
On the PPP application, Clark Fruit And Vegetable Farm Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $14,640
- Utilities: $4,880
- Mortgage Interest: $4,880
- Debt Interest: $600
Business Information - Clark Fruit And Vegetable Farm Inc in Proctorville, OH
14995 Ohio 7
Proctorville, OH 45669
Other Vegetable (except Potato) and Melon Farming
NAICS code 111219
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Proctorville
In the Proctorville area, 2 businesses in the "Other Vegetable (except Potato) and Melon Farming" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 13) and received an average PPP loan of $13,000 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 5,617 businesses in the "Other Vegetable (except Potato) and Melon Farming" industry received a total of $452.09M 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, the same amount reported by Clark Fruit And Vegetable Farm Inc and received an average PPP loan of $80,486, 222% higher than this company's loan of $25,000.
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Footnotes & Information
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