PPP Loan Data — Eastern Upper Peninsula Wood Shavings, Inc, Kincheloe, MI
Eastern Upper Peninsula Wood Shavings, Inc
Location: Kincheloe, MITweet This • Search All PPP Data
Eastern Upper Peninsula Wood Shavings, Inc is a corporation located at 16888 S Hugginin St in Kincheloe, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,845.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least ten people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Central Savings Bank
Eastern Upper Peninsula Wood Shavings, Inc in Kincheloe, MI received a Paycheck Protection Loan of $46,845 through Central Savings Bank, which was approved in April, 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 November, 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, Eastern Upper Peninsula Wood Shavings, Inc's 2019 payroll expenses are estimated to be at least $224,856.
Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $22,486 per employee1
Reported PPP Proceed Usage:
On the PPP application, Eastern Upper Peninsula Wood Shavings, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $40,845
- Utilities: $6,000
Business Information - Eastern Upper Peninsula Wood Shavings, Inc in Kincheloe, MI
16888 S Hugginin St
Kincheloe, MI 49788
All Other Miscellaneous Wood Product Manufacturing
NAICS code 321999
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 4,544 businesses in the "All Other Miscellaneous Wood Product Manufacturing" industry received a total of $509.29M 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, 20% higher than Eastern Upper Peninsula Wood Shavings, Inc's reported 10 employees, and received an average PPP loan of $112,080, 139% higher than this company's loan of $46,845.
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Footnotes & Information
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