PPP Loan Data — FOX Products Corporation, South Whitley, IN
FOX Products Corporation is a corporation located at 6110 State Road 5 in South Whitley, Indiana that received a Coronavirus-related PPP loan from the SBA of $1,670,600.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
FOX Products Corporation in South Whitley, IN received a Paycheck Protection Loan of $1.67M through Crossroads 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 March, 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, FOX Products Corporation's 2019 payroll expenses are estimated to be at least $8.02M.
Based on their reported 148 jobs retained, this equals an estimated average yearly compensation of $54,182 per employee1
Reported PPP Proceed Usage:
On the PPP application, FOX Products Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,576,635
- Utilities: $38,500
- Mortgage Interest: $47,500
- Rent: $7,965
Business Information - FOX Products Corporation in South Whitley, IN
6110 State Road 5
South Whitley, IN 46787
Musical Instrument Manufacturing
NAICS code 339992
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,177 businesses in the "Musical Instrument Manufacturing" industry received a total of $120.05M 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 10 employees, 93% lower than FOX Products Corporation's reported 148 employees, and received an average PPP loan of $101,996, 94% lower than this company's loan of $1.67M.
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Footnotes & Information
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