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PPP Loan Data — Innovative Hearth Products, LLC, Russellville, AL

SBA PPP loan data, payroll data, and salaries for Innovative Hearth Products, LLC
AL

Innovative Hearth Products, LLC

Entity: Limited Liability Company (LLC)

Industry: Heating Equipment (except Warm Air Furnaces) Manufacturing

Location: Russellville, AL

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Innovative Hearth Products, 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 $2,701,500.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 446 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.7M

Jobs Retained:

446

Loan Approved:

2020-04-14

Lender:

CADENCE BANK, NATIONAL ASSOCIATION

Innovative Hearth Products, LLC in Russellville, AL received a Paycheck Protection Loan of $2.7M through CADENCE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Innovative Hearth Products, LLC's total 2019 payroll expenses were approximately $12.97M in order to qualify for the PPP loan amount received.

Based on their reported 446 jobs retained, this equals an estimated average yearly compensation of $29,074 per employee1.

Because the loan received by Innovative Hearth Products, 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 - Innovative Hearth Products, LLC in Russellville, AL

Innovative Hearth Products, LLC
1769 Lawrence St E
Russellville, AL 35654

Business Industry

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

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: AL-04

Similar Companies near Russellville

In the Russellville area, 2 businesses in the "Heating Equipment (except Warm Air Furnaces) Manufacturing" industry received a PPP loan. These local businesses reported an average of 473 employees (compared to this company's 446) and received an average PPP loan of $5,149,250 (compared to this company's $2.7M).

Similar Nearby Businesses Who Received PPP Funding:

IHP Operations , LLC
Russellville, AL

$7.6M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 364 businesses in the "Heating Equipment (except Warm Air Furnaces) Manufacturing" industry received a total of $107,057,565.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 22 employees, 95% lower than Innovative Hearth Products, LLC's reported 446 employees, and received an average PPP loan of $294,114, 89% lower than this company's loan of $2.7M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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Source: www.federalpay.org/paycheck-protection-program/innovative-hearth-products-llc-russellville-al