PPP Loan Data — Formcrete, LLC, Homestead, FL
Entity: Limited Liability Company (LLC)
Location: Homestead, FLTweet This • Search All PPP Data
Formcrete, LLC is a limited liability company (LLC) located at 327 Sw 2nd Avenue in Homestead, Florida that received a Coronavirus-related PPP loan from the SBA of $1,583,200.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:City National Bank of Florida
Formcrete, LLC in Homestead, FL received a Paycheck Protection Loan of $1.58M through City National Bank of Florida, 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 January, 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, Formcrete, LLC's 2019 payroll expenses are estimated to be at least $7.6M.
Based on their reported 125 jobs retained, this equals an estimated average yearly compensation of $60,795 per employee1
Reported PPP Proceed Usage:
On the PPP application, Formcrete, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,187,400
- Utilities: $395,800
Business Information - Formcrete, LLC in Homestead, FL
327 Sw 2nd Avenue
Homestead, FL 33034
Poured Concrete Foundation and Structure Contractors
NAICS code 238110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Homestead
In the Homestead area, 8 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 125) and received an average PPP loan of $376,594 (compared to this company's $1.58M).
Similar Nearby Businesses Who Received PPP Funding:
Cruz A. Ramos Five Star Concrete Corp
Florida City, FL
CB Soria Services Corp
V Power Concrete Inc
Florida City, FL
Ruben F Gonzalez
Industry PPP Comparison Statistics
Nationwide, 21,801 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a total of $3.02B 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 13 employees, 90% lower than Formcrete, LLC's reported 125 employees, and received an average PPP loan of $138,620, 91% lower than this company's loan of $1.58M.
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Footnotes & Information
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