PPP Loan Data — HC Composites LLC, Tarboro, NC
HC Composites LLC is a limited liability company (LLC) located at 1090 West Saint James St in Tarboro, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,767,400.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 185 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
HC Composites LLC in Tarboro, NC received a Paycheck Protection Loan of $1.77M through Truist Bank d/b/a Branch Banking & Trust Co, 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, HC Composites LLC's 2019 payroll expenses are estimated to be at least $8.48M.
Based on their reported 185 jobs retained, this equals an estimated average yearly compensation of $45,857 per employee1
Reported PPP Proceed Usage:
On the PPP application, HC Composites LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,767,400
Business Information - HC Composites LLC in Tarboro, NC
1090 West Saint James St
Tarboro, NC 27886
NAICS code 336612
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,445 businesses in the "Boat Building" industry received a total of $298.6M 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 21 employees, 89% lower than HC Composites LLC's reported 185 employees, and received an average PPP loan of $206,646, 88% lower than this company's loan of $1.77M.
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Footnotes & Information
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