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PPP Loan Data — Industrial Services Group Inc,
Sumter, SC
Industrial Services Group Inc
Entity: Corporation
Industry: Painting and Wall Covering Contractors
Location: Sumter, SC
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Industrial Services Group Inc is a corporation located at 318 Neeley St in Sumter, South Carolina that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #7589288400
Loan Size:
Jobs Retained:
182Loan Approved:
2021-02-12Loan Status:
Paid in Full or ForgivenLender:
Synovus BankIndustrial Services Group Inc in Sumter, SC received a Paycheck Protection Loan of $2M through Synovus Bank, which was approved in February, 2021.
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 November, 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.
Read MoreUnderstanding 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.
Read MoreBased 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 Services Group Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 182 jobs retained, this equals an estimated average yearly compensation of $52,747 per employee1
Reported PPP Proceed Usage:
On the PPP application, Industrial Services Group Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,997
- Utilities: $1
Business Information - Industrial Services Group Inc in Sumter, SC
318 Neeley St
Sumter, SC 29150
Business Industry:
Painting and Wall Covering Contractors
NAICS code 238320
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Rural
Similar Companies near Sumter
In the Sumter area, 10 businesses in the "Painting and Wall Covering Contractors" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 182) and received an average PPP loan of $210,868 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Red Door Builders LLC
Sumter, SC
Darius Witherspoon
Sumter, SC
Bubbas Painting Company
Sumter, SC
Thomas Brown Jr
Sumter, SC
Russell Williams
Sumter, SC
Custom Painting By Charles Dowless
Sumter, SC
Jon Sill's Custom Paintworks
Sumter, SC
Clemtec Painting & More
Sumter, SC
Industry PPP Comparison Statistics
Nationwide, 49,262 businesses in the "Painting and Wall Covering Contractors" industry received a total of $2.44B 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 5 employees, 97% lower than Industrial Services Group Inc's reported 182 employees, and received an average PPP loan of $49,448, 98% lower than this company's loan of $2M.
Industrial Services Group, Inc
Entity: Corporation
Industry: Industrial Design Services
Location: Sumter, SC
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Industrial Services Group, Inc is a corporation located at 318 Neeley Street in Sumter, South Carolina that received a Coronavirus-related PPP loan from the SBA of $2,782,850.00 in April, 2020.
$
PPP Loan Information
Loan #5759347207
Loan Size:
Jobs Retained:
152Loan Approved:
2020-04-27Loan Status:
Paid in Full or ForgivenLender:
Synovus BankIndustrial Services Group, Inc in Sumter, SC received a Paycheck Protection Loan of $2.78M through Synovus 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 May, 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.
Read MoreUnderstanding 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.
Read MoreBased 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 Services Group, Inc's 2019 payroll expenses are estimated to be at least $13.36M.
Based on their reported 152 jobs retained, this equals an estimated average yearly compensation of $87,879 per employee1
Reported PPP Proceed Usage:
On the PPP application, Industrial Services Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,782,850
Business Information - Industrial Services Group, Inc in Sumter, SC
318 Neeley Street
Sumter, SC 29150
Business Industry:
Industrial Design Services
NAICS code 541420
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age:
LMI Zone: Y
HUBZone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 2,134 businesses in the "Industrial Design Services" industry received a total of $166.34M 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 6 employees, 96% lower than Industrial Services Group, Inc's reported 152 employees, and received an average PPP loan of $77,948, 97% lower than this company's loan of $2.78M.
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.
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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