PPP Loan Data — Industrial Cutting Solutions LLC, Northport, AL
Industrial Cutting Solutions LLC is a limited liability company (LLC) located at 11758 Hwy 43 N in Northport, Alabama that received a Coronavirus-related PPP loan from the SBA of $46,600.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Industrial Cutting Solutions LLC in Northport, AL received a Paycheck Protection Loan of $46,600 through Renasant 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 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, Industrial Cutting Solutions LLC's 2019 payroll expenses are estimated to be at least $223,680.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,736 per employee1
Reported PPP Proceed Usage:
On the PPP application, Industrial Cutting Solutions LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,600
Business Information - Industrial Cutting Solutions LLC in Northport, AL
11758 Hwy 43 N
Northport, AL 35475
Saw Blade and Handtool Manufacturing
NAICS code 332216
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 801 businesses in the "Saw Blade and Handtool Manufacturing" industry received a total of $147.21M 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 17 employees, 240% higher than Industrial Cutting Solutions LLC's reported 5 employees, and received an average PPP loan of $183,787, 294% higher than this company's loan of $46,600.
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Footnotes & Information
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