PPP Loan Data — Morris Fabrication & Welding Inc, Rougemont, NC
Morris Fabrication & Welding Inc is a subchapter s corporation located at 11774 Range Rd in Rougemont, North Carolina that received a Coronavirus-related PPP loan from the SBA of $46,400.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Morris Fabrication & Welding Inc in Rougemont, NC received a Paycheck Protection Loan of $46,400 through Union Bank, which was approved in April, 2020.
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, Morris Fabrication & Welding Inc's 2019 payroll expenses are estimated to be at least $222,720.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,544 per employee1
Reported PPP Proceed Usage:
On the PPP application, Morris Fabrication & Welding Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,400
Business Information - Morris Fabrication & Welding Inc in Rougemont, NC
11774 Range Rd
Rougemont, NC 27572
All Other Specialty Trade Contractors
NAICS code 238990
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Rougemont
In the Rougemont area, 2 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 5) and received an average PPP loan of $32,350 (compared to this company's $46,400).
Similar Nearby Businesses Who Received PPP Funding:
Winbush Masonry LLC
Industry PPP Comparison Statistics
Nationwide, 93,400 businesses in the "All Other Specialty Trade Contractors" industry received a total of $8.04B 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 8 employees, 60% higher than Morris Fabrication & Welding Inc's reported 5 employees, and received an average PPP loan of $86,076, 86% higher than this company's loan of $46,400.
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Footnotes & Information
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