PPP Loan Data — Preferred Acquisition Company, LLC, Cleveland, OH
Preferred Acquisition Company, LLC is a limited liability company (LLC) located at 4871 Neo Pkwy in Cleveland, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,691,500.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 170 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:KeyBank National Association
Preferred Acquisition Company, LLC in Cleveland, OH received a Paycheck Protection Loan of $1.69M through KeyBank 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 March, 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, Preferred Acquisition Company, LLC's 2019 payroll expenses are estimated to be at least $8.12M.
Based on their reported 170 jobs retained, this equals an estimated average yearly compensation of $47,760 per employee1
Reported PPP Proceed Usage:
On the PPP application, Preferred Acquisition Company, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,691,500
Business Information - Preferred Acquisition Company, LLC in Cleveland, OH
4871 Neo Pkwy
Cleveland, OH 44128
NAICS code 238330
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Cleveland
In the Cleveland area, 11 businesses in the "Flooring Contractors" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 170) and received an average PPP loan of $179,725 (compared to this company's $1.69M).
Similar Nearby Businesses Who Received PPP Funding:
TFS Construction Inc
Bedford Heights, OH
The Permanent Floors, Inc
Nssa Enterprise LLC
Warrensville Heights, OH
Industry PPP Comparison Statistics
Nationwide, 28,132 businesses in the "Flooring Contractors" industry received a total of $1.48B 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 5 employees, 97% lower than Preferred Acquisition Company, LLC's reported 170 employees, and received an average PPP loan of $52,734, 97% lower than this company's loan of $1.69M.
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Footnotes & Information
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