PPP Loan Data — Kingwood Distributors Inc, Fairmont, WV
Kingwood Distributors Inc is a corporation located at 9051 Middletown Mall in Fairmont, West Virginia that received a Coronavirus-related PPP loan from the SBA of $24,900.00 in April, 2020. This business is a Ace Hardware franchise.
The company has reported itself as a male owned business, and employed at least six people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Exchange Bank
Kingwood Distributors Inc in Fairmont, WV received a Paycheck Protection Loan of $24,900 through First Exchange 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 February, 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, Kingwood Distributors Inc's 2019 payroll expenses are estimated to be at least $119,520.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,920 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kingwood Distributors Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,675
- Utilities: $225
- Rent: $6,000
Business Information - Kingwood Distributors Inc in Fairmont, WV
9051 Middletown Mall
Fairmont, WV 26554
NAICS code 444130
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Fairmont
In the Fairmont area, 4 businesses in the "Hardware Stores" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 6) and received an average PPP loan of $50,977 (compared to this company's $24,900).
Similar Nearby Businesses Who Received PPP Funding:
Aultman Distributors, Inc
ACE Hardware & Contractors Sup
Industry PPP Comparison Statistics
Nationwide, 8,816 businesses in the "Hardware Stores" industry received a total of $736.15M 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 13 employees, 117% higher than Kingwood Distributors Inc's reported 6 employees, and received an average PPP loan of $83,502, 235% higher than this company's loan of $24,900.
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Footnotes & Information
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