PPP Loan Data — Grunley Construction Co Inc, Rockville, MD

Grunley Construction Co Inc

Entity: Corporation

Industry: Commercial and Institutional Building Construction

Location: Rockville, MD

Grunley Construction Co Inc is a corporation located at 15020 Shady Grove Rd Ste 500 in Rockville, Maryland that received a Coronavirus-related PPP loan from the SBA of $6,335,675.00 in May, 2020.

$ PPP Loan Information
Loan #6250327704

Loan Size:

$6.34M

Jobs Retained:

321

Loan Approved:

2020-05-01

Loan Status:

Paid in Full or Forgiven

Lender:

Bank of America, National Association

Grunley Construction Co Inc in Rockville, MD received a Paycheck Protection Loan of $6.34M through Bank of America, National Association, 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 August, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Grunley Construction Co Inc's 2019 payroll expenses are estimated to be at least $30.41M.

Based on their reported 321 jobs retained, this equals an estimated average yearly compensation of $94,739 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Grunley Construction Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $6,335,675

Because the loan received by Grunley Construction Co Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Grunley Construction Co Inc in Rockville, MD

Grunley Construction Co Inc
15020 Shady Grove Rd Ste 500
Rockville, MD 20850

Business Industry:
Commercial and Institutional Building Construction
NAICS code 236220

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Montgomery County, MD — SBA Office 0353 — Congressional District: MD-08

Similar Companies near Rockville

In the Rockville area, 23 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 321) and received an average PPP loan of $528,538 (compared to this company's $6.34M).

Similar Nearby Businesses Who Received PPP Funding:

Cole Group, LLC
Rockville, MD

$134,295 PPP Loan

Lombard Associates
Rockville, MD

$20,625 PPP Loan

HBW Properties, Inc
Rockville, MD

$2.22M PPP Loan

Life Safety Group LLC
Rockville, MD

$12,500 PPP Loan

Antoine Thomas
Rockville, MD

$17,082 PPP Loan

Liberty Group LLC
Rockville, MD

$77,900 PPP Loan

Eagle Contracting Services LLC
Rockville, MD

$50,305 PPP Loan

N E Contractors Inc
Rockville, MD

$30,500 PPP Loan

PFC Construction Inc
Rockville, MD

$22,813 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 77,341 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.36B 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, 96% lower than Grunley Construction Co Inc's reported 321 employees, and received an average PPP loan of $159,802, 97% lower than this company's loan of $6.34M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

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