PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Innovative Works Inc, Chesterfield, MI

ALERT: There are 2 PPP loans for a total of $289,417 in our database for businesses with the name "Innovative Works Inc" in Chesterfield, MI. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Innovative Works Inc
MI

Innovative Works Inc

Entity: Corporation

Industry: All Other Miscellaneous Manufacturing

Location: Chesterfield, MI

Search All PPP Data

Innovative Works Inc is a corporation located at 28323 Anchor Dr in Chesterfield, Michigan that received a Coronavirus-related PPP loan from the SBA of $139,617.00 in February, 2021.

The company has reported itself as a White female owned business, and employed at least 30 people during the applicable loan loan period.

$ PPP Loan Information
Loan #3032588401

Loan Size:

$139,617

Jobs Retained:

30

Loan Approved:

2021-02-04

Loan Status:

Ongoing Loan

Lender:

Level One Bank

Innovative Works Inc in Chesterfield, MI received a Paycheck Protection Loan of $139,617 through Level One Bank, which was approved in February, 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.

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 More
Understanding 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 More

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 Works Inc's 2019 payroll expenses are estimated to be at least $670,162.

Based on their reported 30 jobs retained, this equals an estimated average yearly compensation of $22,339 per employee1

Reported PPP Proceed Usage:

On the PPP application, Innovative Works Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $139,617

Business Information - Innovative Works Inc in Chesterfield, MI

Innovative Works Inc
28323 Anchor Dr
Chesterfield, MI 48047

Business Industry:
All Other Miscellaneous Manufacturing
NAICS code 339999

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Macomb County, MI — SBA Office 0515 — Congressional District: MI-10

Similar Companies near Chesterfield

In the Chesterfield area, 2 businesses in the "All Other Miscellaneous Manufacturing" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 30) and received an average PPP loan of $78,790 (compared to this company's $139,617).

Similar Nearby Businesses Who Received PPP Funding:

JSB Finish Carpentry LLC
Chesterfield, MI

$17,962 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 17,359 businesses in the "All Other Miscellaneous Manufacturing" industry received a total of $2.06B 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, 60% lower than Innovative Works Inc's reported 30 employees, and received an average PPP loan of $118,586, 15% lower than this company's loan of $139,617.

SBA PPP loan data, payroll data, and salaries for Innovative Works Inc
MI

Innovative Works Inc

Entity: Corporation

Industry: Automobile Manufacturing

Location: Chesterfield, MI

Search All PPP Data

Innovative Works Inc is a corporation located at 28323 Anchor Drive in Chesterfield, Michigan that received a Coronavirus-related PPP loan from the SBA of $149,800.00 in April, 2020.

The company has reported itself as a White female owned business, and employed at least 28 people during the applicable loan loan period.

$ PPP Loan Information
Loan #8108067010

Loan Size:

$149,800

Jobs Retained:

28

Loan Approved:

2020-04-08

Loan Status:

Ongoing Loan

Lender:

The Huntington National Bank

Innovative Works Inc in Chesterfield, MI received a Paycheck Protection Loan of $149,800 through The Huntington National Bank, which was approved in April, 2020.

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.

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 More
Understanding 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 More

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 Works Inc's 2019 payroll expenses are estimated to be at least $719,040.

Based on their reported 28 jobs retained, this equals an estimated average yearly compensation of $25,680 per employee1

Reported PPP Proceed Usage:

On the PPP application, Innovative Works Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $149,800

Business Information - Innovative Works Inc in Chesterfield, MI

Innovative Works Inc
28323 Anchor Drive
Chesterfield, MI 48047

Business Industry:
Automobile Manufacturing
NAICS code 336111

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Macomb County, MI — SBA Office 0515 — Congressional District: MI-10

Similar Companies near Chesterfield

In the Chesterfield area, 2 businesses in the "Automobile Manufacturing" industry received a PPP loan. These local businesses reported an average of 91 employees (compared to this company's 28) and received an average PPP loan of $690,460 (compared to this company's $149,800).

Similar Nearby Businesses Who Received PPP Funding:

1271 Associates Inc
Chesterfield, MI

$1.23M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 839 businesses in the "Automobile Manufacturing" industry received a total of $203.85M 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 20 employees, 29% lower than Innovative Works Inc's reported 28 employees, and received an average PPP loan of $242,968, 62% higher than this company's loan of $149,800.

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.

Search FederalPay's Full PPP Loan Database

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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/innovative-works-inc-chesterfield-mi