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PPP Loan Data — Mccarthy-Bush Corporation, Davenport, IA

SBA PPP loan data, payroll data, and salaries for Mccarthy-Bush Corporation
IA

Mccarthy-Bush Corporation

Entity: Subchapter S Corporation

Industry: Commercial and Institutional Building Construction

Location: Davenport, IA

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Mccarthy-Bush Corporation is a subchapter s corporation located at 5401 Victoria Ave in Davenport, Iowa that received a Coronavirus-related PPP loan from the SBA of $9,016,600.00 in April, 2020.

$ PPP Loan Information
Loan #7964757003

Loan Size:

$9.02M

Jobs Retained:

465

Loan Approved:

2020-04-08

Loan Status:

Paid in Full or Forgiven

Lender:

Fortress Bank

Mccarthy-Bush Corporation in Davenport, IA received a Paycheck Protection Loan of $9.02M through Fortress 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 July, 2021.

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, Mccarthy-Bush Corporation's 2019 payroll expenses are estimated to be at least $43.28M.

Based on their reported 465 jobs retained, this equals an estimated average yearly compensation of $93,075 per employee1

Reported PPP Proceed Usage:

On the PPP application, Mccarthy-Bush Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $6,857,400
  • Rent: $1,101,500
  • Debt Interest: $1,057,700
Because the loan received by Mccarthy-Bush Corporation 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 - Mccarthy-Bush Corporation in Davenport, IA

Mccarthy-Bush Corporation
5401 Victoria Ave
Davenport, IA 52807

Business Industry:
Commercial and Institutional Building Construction
NAICS code 236220

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Scott County, IA — SBA Office 0736 — Congressional District: IA-02

Similar Companies near Davenport

In the Davenport area, 12 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 63 employees (compared to this company's 465) and received an average PPP loan of $1,224,845 (compared to this company's $9.02M).

Industry PPP Comparison Statistics

Nationwide, 77,367 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.37B 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, 97% lower than Mccarthy-Bush Corporation's reported 465 employees, and received an average PPP loan of $159,913, 98% lower than this company's loan of $9.02M.

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.

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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.


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Source: www.federalpay.org/paycheck-protection-program/mccarthy-bush-corporation-davenport-ia