PPP Loan Data — Irrigation Concepts Company, LLC, Farmington Hills, MI
Irrigation Concepts Company, LLC is a limited liability company (LLC) located at 24684 Hathaway St in Farmington Hills, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,873.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Irrigation Concepts Company, LLC in Farmington Hills, MI received a Paycheck Protection Loan of $25,873 through The Huntington National Bank, 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 May, 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, Irrigation Concepts Company, LLC's 2019 payroll expenses are estimated to be at least $124,190.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $31,048 per employee1
Reported PPP Proceed Usage:
On the PPP application, Irrigation Concepts Company, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,873
Business Information - Irrigation Concepts Company, LLC in Farmington Hills, MI
24684 Hathaway St
Farmington Hills, MI 48335
Water Supply and Irrigation Systems
NAICS code 221310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Farmington Hills
In the Farmington Hills area, 2 businesses in the "Water Supply and Irrigation Systems" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 4) and received an average PPP loan of $121,287 (compared to this company's $25,873).
Similar Nearby Businesses Who Received PPP Funding:
Reynolds Water Conditioning Co
Industry PPP Comparison Statistics
Nationwide, 4,645 businesses in the "Water Supply and Irrigation Systems" industry received a total of $428.61M 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 9 employees, 125% higher than Irrigation Concepts Company, LLC's reported 4 employees, and received an average PPP loan of $92,273, 257% higher than this company's loan of $25,873.
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Footnotes & Information
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