PPP Loan Data — Horizon Carpentry, Inc, Elgin, IL
Horizon Carpentry, Inc is a subchapter s corporation located at 196 N. Edison Avenue in Elgin, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,474,700.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Cornerstone National Bank & Trust Company
Horizon Carpentry, Inc in Elgin, IL received a Paycheck Protection Loan of $2.47M through Cornerstone National Bank & Trust Company, 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 June, 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, Horizon Carpentry, Inc's 2019 payroll expenses are estimated to be at least $11.88M.
Based on their reported 173 jobs retained, this equals an estimated average yearly compensation of $68,662 per employee1
Reported PPP Proceed Usage:
On the PPP application, Horizon Carpentry, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,979,760
- Mortgage Interest: $123,735
- Rent: $371,205
Business Information - Horizon Carpentry, Inc in Elgin, IL
196 N. Edison Avenue
Elgin, IL 60121
NAICS code 238130
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Elgin
In the Elgin area, 3 businesses in the "Framing Contractors" industry received a PPP loan. These local businesses reported an average of 62 employees (compared to this company's 173) and received an average PPP loan of $867,101 (compared to this company's $2.47M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 9,856 businesses in the "Framing Contractors" industry received a total of $724.39M 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 7 employees, 96% lower than Horizon Carpentry, Inc's reported 173 employees, and received an average PPP loan of $73,498, 97% lower than this company's loan of $2.47M.
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Footnotes & Information
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