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PPP Loan Data — Innovative Hearth Products LLC,
Russellville, 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 $2,000,000.00 in May, 2021.
$
PPP Loan Information
Loan #9838249004
Loan Size:
Jobs Retained:
91Loan Approved:
2021-05-29Loan Status:
Ongoing LoanLender:
MetaBank, National AssociationInnovative Hearth Products LLC in Russellville, AL received a Paycheck Protection Loan of $2M through MetaBank, National Association, which was approved in May, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 91 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 96. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Innovative Hearth Products LLC's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).
Because the 91 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Innovative Hearth Products LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Innovative Hearth Products LLC in Russellville, AL
1769 Lawrence St E
Russellville, AL 35654
Business Industry:
Heating Equipment (except Warm Air Furnaces) Manufacturing
NAICS code 333414
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: N
HUBZone: N
Rural / Urban: Rural
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Innovative Hearth Products LLC.
IHP Operations , LLC
Heating Equipment (except Warm Air Furnaces) Manufacturing
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 91) and received an average PPP loan of $4,099,500 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
IHP Operations , LLC
Russellville, AL
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, 77% lower than Innovative Hearth Products LLC's reported 91 employees, and received an average PPP loan of $253,230, 87% lower than this company's loan of $2M.
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 #7077517103
Loan Size:
Jobs Retained:
446Loan Approved:
2020-04-14Loan Status:
Paid in Full or ForgivenLender:
Cadence BankInnovative Hearth Products, LLC in Russellville, AL received a Paycheck Protection Loan of $2.7M 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.
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, Innovative Hearth Products, LLC's 2019 payroll expenses are estimated to be at least $12.97M.
Based on their reported 446 jobs retained, this equals an estimated average yearly compensation of $29,074 per employee1
Reported PPP Proceed Usage:
On the PPP application, Innovative Hearth Products, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,701,500
Business Information - Innovative Hearth Products, LLC in Russellville, AL
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
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Innovative Hearth Products, LLC.
IHP Operations , LLC
Heating Equipment (except Warm Air Furnaces) Manufacturing
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 446) and received an average PPP loan of $4,099,500 (compared to this company's $2.7M).
Similar Nearby Businesses Who Received PPP Funding:
IHP Operations , LLC
Russellville, AL
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 Innovative Hearth Products, LLC's reported 446 employees, and received an average PPP loan of $253,230, 91% 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, 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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