PPP Loan Data — Frost Foundations Inc, Glenburn, ME
Frost Foundations Inc
Location: Glenburn, METweet This • Search All PPP Data
Frost Foundations Inc is a corporation located at 3255 Union St in Glenburn, Maine that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Camden National Bank
Frost Foundations Inc in Glenburn, ME received a Paycheck Protection Loan of $25,000 through Camden National 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 February, 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, Frost Foundations Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Frost Foundations Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Frost Foundations Inc in Glenburn, ME
3255 Union St
Glenburn, ME 4401
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: N
Rural / Urban: Rural
Similar Companies near Glenburn
In the Glenburn area, 5 businesses in the "Poured Concrete Foundation and Structure Contractors" industry received a PPP loan. These local businesses reported an average of 24 employees (compared to this company's 5) and received an average PPP loan of $276,186 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
N S Giles Foundations Inc
Brown's Concrete Construction, LLC
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, 160% higher than Frost Foundations Inc's reported 5 employees, and received an average PPP loan of $138,620, 454% higher than this company's loan of $25,000.
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