PPP Loan Data — Innovations By Degro Inc, Cotto Laurel, PR
Innovations By Degro Inc is a corporation located at Bo Cerrillo in Cotto Laurel, Puerto Rico that received a Coronavirus-related PPP loan from the SBA of $47,002.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least eighteen people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:FirstBank Puerto Rico
Innovations By Degro Inc in Cotto Laurel, PR received a Paycheck Protection Loan of $47,002 through FirstBank Puerto Rico, 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 February, 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, Innovations By Degro Inc's 2019 payroll expenses are estimated to be at least $225,610.
Based on their reported 18 jobs retained, this equals an estimated average yearly compensation of $12,534 per employee1
Reported PPP Proceed Usage:
On the PPP application, Innovations By Degro Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,002
Business Information - Innovations By Degro Inc in Cotto Laurel, PR
Cotto Laurel, PR 780
Metal Window and Door Manufacturing
NAICS code 332321
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Cotto Laurel
In the Cotto Laurel area, 2 businesses in the "Metal Window and Door Manufacturing" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 18) and received an average PPP loan of $32,001 (compared to this company's $47,002).
Similar Nearby Businesses Who Received PPP Funding:
Wilmer Pagan Cintron
Coto Laurel, PR
Industry PPP Comparison Statistics
Nationwide, 1,499 businesses in the "Metal Window and Door Manufacturing" industry received a total of $362.52M 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 23 employees, 28% higher than Innovations By Degro Inc's reported 18 employees, and received an average PPP loan of $241,838, 415% higher than this company's loan of $47,002.
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Footnotes & Information
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