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

PPP Loan Data — Karvo Companies Inc, Stow, OH

SBA PPP loan data, payroll data, and salaries for Karvo Companies Inc
OH

Karvo Companies Inc

Entity: Corporation

Industry: Highway, Street, and Bridge Construction

Location: Stow, OH

Search All PPP Data

Karvo Companies Inc is a corporation located at 4524 Hudson Dr in Stow, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,882,200.00 in April, 2020.

$ PPP Loan Information
Loan #6096217108

Loan Size:

$2.88M

Jobs Retained:

105

Loan Approved:

2020-04-14

Loan Status:

Ongoing Loan

Lender:

PNC Bank, National Association
Likely Employment Reduction3

Karvo Companies Inc in Stow, OH received a Paycheck Protection Loan of $2.88M through PNC Bank, National Association, 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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 105 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 138. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, Karvo Companies Inc's 2019 payroll expenses are estimated to be at least $13.83M (not accounting for salary amounts > $100k).

Because the 105 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

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

  • Payroll: $2,882,200
Because the loan received by Karvo Companies 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 - Karvo Companies Inc in Stow, OH

Karvo Companies Inc
4524 Hudson Dr
Stow, OH 44224

Business Industry:
Highway, Street, and Bridge Construction
NAICS code 237310

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Summit County, OH — SBA Office 0549 — Congressional District: OH-14

Similar Companies near Stow

In the Stow area, 2 businesses in the "Highway, Street, and Bridge Construction" industry received a PPP loan. These local businesses reported an average of 78 employees (compared to this company's 105) and received an average PPP loan of $1,670,786 (compared to this company's $2.88M).

Similar Nearby Businesses Who Received PPP Funding:

Dura Mark Inc
Stow, OH

$459,372 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 10,566 businesses in the "Highway, Street, and Bridge Construction" industry received a total of $3.82B 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 27 employees, 74% lower than Karvo Companies Inc's reported 105 employees, and received an average PPP loan of $361,676, 87% lower than this company's loan of $2.88M.

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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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/karvo-companies-inc-stow-oh