PPP Loan Data — Prospaces Inc, Covina, CA
Entity: Subchapter S Corporation
Location: Covina, CATweet This • Search All PPP Data
Prospaces Inc is a subchapter s corporation located at 18585 E Gallarno Dr in Covina, California that received a Coronavirus-related PPP loan from the SBA of $46,044.00 in August, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Cross River Bank
Prospaces Inc in Covina, CA received a Paycheck Protection Loan of $46,044 through Cross River Bank, which was approved in August, 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 April, 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, Prospaces Inc's 2019 payroll expenses are estimated to be at least $221,011.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,202 per employee1
Reported PPP Proceed Usage:
On the PPP application, Prospaces Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,044
Business Information - Prospaces Inc in Covina, CA
18585 E Gallarno Dr
Covina, CA 91722
Commercial and Institutional Building Construction
NAICS code 236220
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Covina
In the Covina area, 8 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 5) and received an average PPP loan of $101,764 (compared to this company's $46,044).
Similar Nearby Businesses Who Received PPP Funding:
North Valley Construction Services
San Dimas, CA
John Armstrong Construction Inc
Mario Reyes Construction Inc
Industry PPP Comparison Statistics
Nationwide, 78,873 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.41B 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 12 employees, 140% higher than Prospaces Inc's reported 5 employees, and received an average PPP loan of $157,325, 242% higher than this company's loan of $46,044.
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Footnotes & Information
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