PPP Loan Data — Cornerstone Interiors, Inc, Red House, WV
Cornerstone Interiors, Inc
Location: Red House, WVTweet This • Search All PPP Data
Cornerstone Interiors, Inc is a corporation located at 138 Labrador Ln in Red House, West Virginia that received a Coronavirus-related PPP loan from the SBA of $1,822,048.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 123 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fifth Third Bank
Cornerstone Interiors, Inc in Red House, WV received a Paycheck Protection Loan of $1.82M through Fifth Third Bank, 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, Cornerstone Interiors, Inc's 2019 payroll expenses are estimated to be at least $8.75M.
Based on their reported 123 jobs retained, this equals an estimated average yearly compensation of $71,104 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cornerstone Interiors, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,822,048
Business Information - Cornerstone Interiors, Inc in Red House, WV
138 Labrador Ln
Red House, WV 25168
Commercial and Institutional Building Construction
NAICS code 236220
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 78,873 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.41B 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 12 employees, 90% lower than Cornerstone Interiors, Inc's reported 123 employees, and received an average PPP loan of $157,325, 91% lower than this company's loan of $1.82M.
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Footnotes & Information
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