PPP Loan Data — Russell Carpentry LLC, Hemlock, MI
Russell Carpentry LLC is a limited liability company (LLC) located at 531 S Elm St in Hemlock, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,017.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Russell Carpentry LLC in Hemlock, MI received a Paycheck Protection Loan of $25,017 through JPMorgan Chase Bank, National Association, which was approved in May, 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 May, 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, Russell Carpentry LLC's 2019 payroll expenses are estimated to be at least $120,082.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,021 per employee1
Reported PPP Proceed Usage:
On the PPP application, Russell Carpentry LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,267
- Utilities: $325
- Rent: $1,675
- Health Care: $2,750
Business Information - Russell Carpentry LLC in Hemlock, MI
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
PPP recipients in this industry report an average of 0 employees, 100% lower than Russell Carpentry LLC's reported 4 employees, and received an average PPP loan of $0, 100% lower than this company's loan of $25,017.
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Footnotes & Information
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