PPP Loan Data — Pike Lumber Company, Inc, Akron, IN
Pike Lumber Company, Inc is a corporation located at 719 Front St in Akron, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,541,800.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Lake City Bank
Pike Lumber Company, Inc in Akron, IN received a Paycheck Protection Loan of $2.54M through Lake City 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 June, 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, Pike Lumber Company, Inc's 2019 payroll expenses are estimated to be at least $12.2M.
Based on their reported 205 jobs retained, this equals an estimated average yearly compensation of $59,515 per employee1
Reported PPP Proceed Usage:
On the PPP application, Pike Lumber Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,033,478
- Utilities: $211,333
- Health Care: $296,989
Business Information - Pike Lumber Company, Inc in Akron, IN
719 Front St
Akron, IN 46910
NAICS code 321113
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 2,110 businesses in the "Sawmills" industry received a total of $393.29M 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 20 employees, 90% lower than Pike Lumber Company, Inc's reported 205 employees, and received an average PPP loan of $186,392, 93% lower than this company's loan of $2.54M.
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Footnotes & Information
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