PPP Loan Data — Corell Contractor Inc, West Des Moines, IA
Corell Contractor Inc is a corporation located at 1300 Lincoln St in West Des Moines, Iowa that received a Coronavirus-related PPP loan from the SBA of $1,620,900.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 86 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Corell Contractor Inc in West Des Moines, IA received a Paycheck Protection Loan of $1.62M through Northwest Bank, which was approved in April, 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 December, 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, Corell Contractor Inc's 2019 payroll expenses are estimated to be at least $7.78M.
Based on their reported 86 jobs retained, this equals an estimated average yearly compensation of $90,469 per employee1
Reported PPP Proceed Usage:
On the PPP application, Corell Contractor Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,536,881
- Utilities: $16,500
- Rent: $49,452
- Health Care: $2,500
- Debt Interest: $15,567
Business Information - Corell Contractor Inc in West Des Moines, IA
1300 Lincoln St
West Des Moines, IA 50265
Other Heavy and Civil Engineering Construction
NAICS code 237990
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near West Des Moines
In the West Des Moines area, 2 businesses in the "Other Heavy and Civil Engineering Construction" industry received a PPP loan. These local businesses reported an average of 44 employees (compared to this company's 86) and received an average PPP loan of $830,866 (compared to this company's $1.62M).
Similar Nearby Businesses Who Received PPP Funding:
Jack Docks LLC
West Des Moines, IA
Industry PPP Comparison Statistics
Nationwide, 11,233 businesses in the "Other Heavy and Civil Engineering Construction" industry received a total of $2.63B 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 17 employees, 80% lower than Corell Contractor Inc's reported 86 employees, and received an average PPP loan of $234,414, 86% lower than this company's loan of $1.62M.
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Footnotes & Information
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