PPP Loan Data — Cornerstone Systems Inc, Memphis, TN
Cornerstone Systems Inc is a corporation located at 3250 Players Club Parkway in Memphis, Tennessee that received a Coronavirus-related PPP loan from the SBA of $2,932,900.00 in April, 2020.
$ PPP Loan Information
Lender:PNC BANK, NATIONAL ASSOCIATION
Cornerstone Systems Inc in Memphis, TN received a Paycheck Protection Loan of $2.93M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Cornerstone Systems Inc's total 2019 payroll expenses were approximately $14.08M in order to qualify for the PPP loan amount received.
Based on their reported 191 jobs retained, this equals an estimated average yearly compensation of $73,706 per employee1.
Business Information - Cornerstone Systems Inc in Memphis, TN
3250 Players Club Parkway
Memphis, TN 38125
Freight Transportation Arrangement (NAICS code 488510)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: TN-08
Industry PPP Comparison Statistics
Nationwide, 10,632 businesses in the "Freight Transportation Arrangement" industry received a total of $1,273,457,640.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 10 employees, 95% lower than Cornerstone Systems Inc's reported 191 employees, and received an average PPP loan of $119,776, 96% lower than this company's loan of $2.93M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan. All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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