PPP Loan Data — Derr Flooring Co, Willow Grove, PA
Derr Flooring Co is a corporation located at 525 Davisville Rd in Willow Grove, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,289,280.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Derr Flooring Co in Willow Grove, PA received a Paycheck Protection Loan of $2.29M through Bank of America, National Association, 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, Derr Flooring Co's 2019 payroll expenses are estimated to be at least $10.99M.
Based on their reported 155 jobs retained, this equals an estimated average yearly compensation of $70,894 per employee1
Reported PPP Proceed Usage:
On the PPP application, Derr Flooring Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,289,280
Business Information - Derr Flooring Co in Willow Grove, PA
525 Davisville Rd
Willow Grove, PA 19090
Home Furnishing Merchant Wholesalers
NAICS code 423220
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 5,114 businesses in the "Home Furnishing Merchant Wholesalers" industry received a total of $620.15M 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 11 employees, 93% lower than Derr Flooring Co's reported 155 employees, and received an average PPP loan of $121,266, 95% lower than this company's loan of $2.29M.
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Footnotes & Information
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