PPP Loan Data — Innovative Woodworx, Inc, Cordova, TN
Innovative Woodworx, Inc
Entity: Subchapter S Corporation
Location: Cordova, TNTweet This • Search All PPP Data
Innovative Woodworx, Inc is a subchapter s corporation located at 251 Germantown Bend Cv Ste B in Cordova, Tennessee that received a Coronavirus-related PPP loan from the SBA of $24,934.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of Bartlett
Innovative Woodworx, Inc in Cordova, TN received a Paycheck Protection Loan of $24,934 through Bank of Bartlett, 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 March, 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, Innovative Woodworx, Inc's 2019 payroll expenses are estimated to be at least $119,683.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $39,894 per employee1
Reported PPP Proceed Usage:
On the PPP application, Innovative Woodworx, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,934
Business Information - Innovative Woodworx, Inc in Cordova, TN
251 Germantown Bend Cv Ste B
Cordova, TN 38018
Custom Architectural Woodwork and Millwork Manufacturing
NAICS code 337212
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Cordova
In the Cordova area, 4 businesses in the "Custom Architectural Woodwork and Millwork Manufacturing" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 3) and received an average PPP loan of $53,123 (compared to this company's $24,934).
Similar Nearby Businesses Who Received PPP Funding:
J. Schrack & Company, LLC
Metalaire Louver, LLC
J S Designs Shop LLC
Industry PPP Comparison Statistics
Nationwide, 3,709 businesses in the "Custom Architectural Woodwork and Millwork Manufacturing" industry received a total of $515.21M 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 12 employees, 300% higher than Innovative Woodworx, Inc's reported 3 employees, and received an average PPP loan of $138,909, 457% higher than this company's loan of $24,934.
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