PPP Loan Data — Cornerstone Construction Corp, Roscommon, MI
Cornerstone Construction Corp
Entity: Limited Liability Company (LLC)
Location: Roscommon, MITweet This • Search All PPP Data
Cornerstone Construction Corp is a limited liability company (LLC) located at 9541 N. Cut Rd. in Roscommon, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,616.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Cornerstone Construction Corp in Roscommon, MI received a Paycheck Protection Loan of $46,616 through The Huntington National 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, Cornerstone Construction Corp's 2019 payroll expenses are estimated to be at least $223,757.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $24,862 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cornerstone Construction Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,616
Business Information - Cornerstone Construction Corp in Roscommon, MI
9541 N. Cut Rd.
Roscommon, MI 48653
New Multifamily Housing Construction (except For-Sale Builders)
NAICS code 236116
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Roscommon
In the Roscommon area, 2 businesses in the "New Multifamily Housing Construction (except For-Sale Builders)" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 9) and received an average PPP loan of $44,563 (compared to this company's $46,616).
Similar Nearby Businesses Who Received PPP Funding:
Hall Construction And Builder Of Custom Homes
Industry PPP Comparison Statistics
Nationwide, 13,259 businesses in the "New Multifamily Housing Construction (except For-Sale Builders)" industry received a total of $1.11B 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 8 employees, 11% lower than Cornerstone Construction Corp's reported 9 employees, and received an average PPP loan of $83,412, 79% higher than this company's loan of $46,616.
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Footnotes & Information
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