PPP Loan Data — Penn Credit Corporation, Harrisburg, PA
Penn Credit Corporation is a corporation located at 2800 Commerce Dr in Harrisburg, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $1,631,300.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Mid Penn Bank
Penn Credit Corporation in Harrisburg, PA received a Paycheck Protection Loan of $1.63M through Mid Penn 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 January, 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, Penn Credit Corporation's 2019 payroll expenses are estimated to be at least $7.83M.
Based on their reported 150 jobs retained, this equals an estimated average yearly compensation of $52,202 per employee1
Reported PPP Proceed Usage:
On the PPP application, Penn Credit Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,631,300
Business Information - Penn Credit Corporation in Harrisburg, PA
2800 Commerce Dr
Harrisburg, PA 17110
NAICS code 561440
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Harrisburg
In the Harrisburg area, 4 businesses in the "Collection Agencies" industry received a PPP loan. These local businesses reported an average of 92 employees (compared to this company's 150) and received an average PPP loan of $730,145 (compared to this company's $1.63M).
Similar Nearby Businesses Who Received PPP Funding:
NRA Group LLC
Peerless Credit Services Inc
Industry PPP Comparison Statistics
Nationwide, 2,910 businesses in the "Collection Agencies" industry received a total of $542.19M 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 19 employees, 87% lower than Penn Credit Corporation's reported 150 employees, and received an average PPP loan of $186,320, 89% lower than this company's loan of $1.63M.
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Footnotes & Information
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