PPP Loan Data — International Construction Equipment Inc, Matthews, NC
International Construction Equipment Inc is a corporation located at 301 Warehouse Dr in Matthews, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,832,910.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
International Construction Equipment Inc in Matthews, NC received a Paycheck Protection Loan of $1.83M through Bank of America, National Association, 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 January, 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, International Construction Equipment Inc's 2019 payroll expenses are estimated to be at least $8.8M.
Based on their reported 130 jobs retained, this equals an estimated average yearly compensation of $67,677 per employee1
Reported PPP Proceed Usage:
On the PPP application, International Construction Equipment Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,832,910
Business Information - International Construction Equipment Inc in Matthews, NC
301 Warehouse Dr
Matthews, NC 28104
Construction Machinery Manufacturing
NAICS code 333120
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Matthews
In the Matthews area, 2 businesses in the "Construction Machinery Manufacturing" industry received a PPP loan. These local businesses reported an average of 66 employees (compared to this company's 130) and received an average PPP loan of $922,951 (compared to this company's $1.83M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 2,642 businesses in the "Construction Machinery Manufacturing" industry received a total of $361.62M 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 11 employees, 92% lower than International Construction Equipment Inc's reported 130 employees, and received an average PPP loan of $136,874, 93% lower than this company's loan of $1.83M.
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Footnotes & Information
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