PPP Loan Data — Cole Implement Co Inc, Media, IL
Cole Implement Co Inc is a corporation located at 901 West Grove Street Hwy 116 in Media, Illinois that received a Coronavirus-related PPP loan from the SBA of $24,950.00 in May, 2020.
The company has reported itself as a White male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Raritan State Bank
Cole Implement Co Inc in Media, IL received a Paycheck Protection Loan of $24,950 through Raritan State Bank, which was approved in May, 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 April, 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, Cole Implement Co Inc's 2019 payroll expenses are estimated to be at least $119,760.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,940 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cole Implement Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,950
Business Information - Cole Implement Co Inc in Media, IL
901 West Grove Street Hwy 116
Media, IL 61460
Nursery, Garden Center, and Farm Supply Stores
NAICS code 444220
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 7,240 businesses in the "Nursery, Garden Center, and Farm Supply Stores" industry received a total of $689.88M 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, 250% higher than Cole Implement Co Inc's reported 4 employees, and received an average PPP loan of $95,287, 282% higher than this company's loan of $24,950.
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Footnotes & Information
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