PPP Loan Data — Progress Door LLC, Wilmington, NC
Progress Door LLC is a corporation located at 1702 N 6th St in Wilmington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in August, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
Progress Door LLC in Wilmington, NC received a Paycheck Protection Loan of $25,000 through PNC Bank, National Association, which was approved in August, 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, Progress Door LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Progress Door LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Progress Door LLC in Wilmington, NC
1702 N 6th St
Wilmington, NC 28401
Other Building Equipment Contractors
NAICS code 238290
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 8,769 businesses in the "Other Building Equipment Contractors" industry received a total of $1.24B 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 11 employees, 450% higher than Progress Door LLC's reported 2 employees, and received an average PPP loan of $141,619, 466% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
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