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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 $2,701,500.00 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:
Jobs Retained:
446Loan Approved:
2020-04-14Lender:
CADENCE BANK, NATIONAL ASSOCIATIONInnovative 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.
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 / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: NON-VETERAN
Congressional District: AL-04Similar 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
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.
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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