PPP Loan Data — H & N Corporation, Chalmette, LA
H & N Corporation is a corporation located at 3421 Palmisano Blvd in Chalmette, Louisiana that received a Coronavirus-related PPP loan from the SBA of $25,247.00 in August, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Hancock Whitney Bank
H & N Corporation in Chalmette, LA received a Paycheck Protection Loan of $25,247 through Hancock Whitney Bank, which was approved in August, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, H & N Corporation's 2019 payroll expenses are estimated to be at least $121,186 (not accounting for salary amounts > $100k).
Because the 1 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, H & N Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,247
Business Information - H & N Corporation in Chalmette, LA
3421 Palmisano Blvd
Chalmette, LA 70043
NAICS code 114111
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Chalmette
In the Chalmette area, 4 businesses in the "Finfish Fishing" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 1) and received an average PPP loan of $11,765 (compared to this company's $25,247).
Similar Nearby Businesses Who Received PPP Funding:
Phuong Vy Inc
Kim Yen Fishery LLC
Industry PPP Comparison Statistics
Nationwide, 7,141 businesses in the "Finfish Fishing" industry received a total of $263.31M 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 4 employees, 300% higher than H & N Corporation's reported 1 employees, and received an average PPP loan of $36,873, 46% higher than this company's loan of $25,247.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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