PPP Loan Data — Morris Furniture Co., Inc, Fairborn, OH

Morris Furniture Co., Inc

Entity: Corporation

Industry: Furniture Stores

Location: Fairborn, OH

Morris Furniture Co., Inc is a corporation located at 2377 Commerce Center Blvd in Fairborn, Ohio that received a Coronavirus-related PPP loan from the SBA of $4,973,000.00 in April, 2020.

$ PPP Loan Information
Loan #4636427104

Loan Size:

$4.97M

Jobs Retained:

448

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

PNC Bank, National Association

Morris Furniture Co., Inc in Fairborn, OH received a Paycheck Protection Loan of $4.97M through PNC Bank, National Association, 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.

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.

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 Furniture Co., Inc's 2019 payroll expenses are estimated to be at least $23.87M.

Based on their reported 448 jobs retained, this equals an estimated average yearly compensation of $53,282 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Morris Furniture Co., Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,973,000

Because the loan received by Morris Furniture Co., 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 - Morris Furniture Co., Inc in Fairborn, OH

Morris Furniture Co., Inc
2377 Commerce Center Blvd
Fairborn, OH 45324

Business Industry:
Furniture Stores
NAICS code 442110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Greene County, OH — SBA Office 0593 — Congressional District: OH-10

Industry PPP Comparison Statistics

Nationwide, 16,166 businesses in the "Furniture Stores" industry received a total of $1.52B 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 10 employees, 98% lower than Morris Furniture Co., Inc's reported 448 employees, and received an average PPP loan of $94,189, 98% lower than this company's loan of $4.97M.

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.

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