PPP Loan Data — East Coast Inspections LLC, Gainesville, VA
East Coast Inspections LLC is a limited liability company (LLC) located at 4590 Lynn Forest Drive in Gainesville, Virginia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
East Coast Inspections LLC in Gainesville, VA received a Paycheck Protection Loan of $25,000 through United 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 June, 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, East Coast Inspections LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, East Coast Inspections LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - East Coast Inspections LLC in Gainesville, VA
4590 Lynn Forest Drive
Gainesville, VA 20155
NAICS code 236118
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Gainesville
In the Gainesville area, 15 businesses in the "Residential Remodelers" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 2) and received an average PPP loan of $89,609 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
A And J Contracting Services LLC
HCC Remodeling LLC
Kraus Remodling LLC
JK Home Improvement Inc
Cornerstone Funds LLC
Servicepro Express Inc
Industry PPP Comparison Statistics
Nationwide, 175,017 businesses in the "Residential Remodelers" industry received a total of $5.32B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 3 employees, 50% higher than East Coast Inspections LLC's reported 2 employees, and received an average PPP loan of $30,405, 22% higher than this company's loan of $25,000.
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Footnotes & Information
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