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PPP Loan Data — Innovative Refrigeration Systems Inc., Lyndhurst, VA

SBA PPP loan data, payroll data, and salaries for Innovative Refrigeration Systems Inc.
VA

Innovative Refrigeration Systems Inc.

Entity: Subchapter S Corporation

Industry: Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing

Location: Lyndhurst, VA

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Innovative Refrigeration Systems Inc. is a subchapter s corporation located at 373 Mount Torrey Road in Lyndhurst, Virginia that received a Coronavirus-related PPP loan from the SBA of $5,060,600.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.06M

Jobs Retained:

311

Loan Approved:

2020-04-09

Lender:

ATLANTIC UNION BANK

Innovative Refrigeration Systems Inc. received a Paycheck Protection Loan of $5.06M through ATLANTIC UNION BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Innovative Refrigeration Systems Inc.'s total 2019 payroll expenses were approximately $24.29M in order to qualify for the PPP loan amount received.

Based on their reported 311 jobs retained, this equals an estimated average yearly compensation of $78,106 per employee1.

Because the loan received by Innovative Refrigeration Systems Inc. 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 Refrigeration Systems Inc. in Lyndhurst, VA

Innovative Refrigeration Systems Inc.
373 Mount Torrey Road
Lyndhurst, VA 22952

Business Industry

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (NAICS code 333415)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: VA-06

Industry PPP Comparison Statistics

Nationwide, 1,371 businesses in the "Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing" industry received a total of $368,409,539.00 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 20 employees, 94% lower than Innovative Refrigeration Systems Inc.'s reported 311 employees, and received an average PPP loan of $268,716, 95% lower than this company's loan of $5.06M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/innovative-refrigeration-systems-inc-lyndhurst-va