PPP Loan Data — IHP Operations , LLC, Russellville, AL

IHP Operations , LLC

Entity: Limited Liability Company (LLC)

Industry: Heating Equipment (except Warm Air Furnaces) Manufacturing

Location: Russellville, AL

IHP Operations , LLC is a limited liability company (LLC) located at 1769 Lawrence St E in Russellville, Alabama that received a Coronavirus-related PPP loan from the SBA of $7,597,000.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 397 people during the applicable loan loan period.

$ PPP Loan Information
Loan #7103337102

Loan Size:

$7.6M

Jobs Retained:

397

Loan Approved:

2020-04-14

Loan Status:

Paid in Full or Forgiven

Lender:

Cadence Bank

IHP Operations , LLC in Russellville, AL received a Paycheck Protection Loan of $7.6M through Cadence 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 July, 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, IHP Operations , LLC's 2019 payroll expenses are estimated to be at least $36.47M.

Based on their reported 397 jobs retained, this equals an estimated average yearly compensation of $91,853 per employee¹

Reported PPP Proceed Usage:

On the PPP application, IHP Operations , LLC reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $7,597,000

Because the loan received by IHP Operations , LLC 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 - IHP Operations , LLC in Russellville, AL

IHP Operations , LLC
1769 Lawrence St E
Russellville, AL 35654

Business Industry:
Heating Equipment (except Warm Air Furnaces) Manufacturing
NAICS code 333414

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Franklin County, AL — SBA Office 0459 — Congressional District: AL-04

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as IHP Operations , LLC.

Innovative Hearth Products LLC
Heating Equipment (except Warm Air Furnaces) Manufacturing

$2M PPP Loan

Similar Companies near Russellville

In the Russellville area, 3 businesses in the "Heating Equipment (except Warm Air Furnaces) Manufacturing" industry received a PPP loan. These local businesses reported an average of 311 employees (compared to this company's 397) and received an average PPP loan of $4,099,500 (compared to this company's $7.6M).

Similar Nearby Businesses Who Received PPP Funding:

Innovative Hearth Products LLC
Russellville, AL

$2M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 531 businesses in the "Heating Equipment (except Warm Air Furnaces) Manufacturing" industry received a total of $134.47M 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, 95% lower than IHP Operations , LLC's reported 397 employees, and received an average PPP loan of $253,230, 97% lower than this company's loan of $7.6M.

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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