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PPP Loan Data — Russo Corporation,
Birmingham, AL
Russo Corporation
Entity: Subchapter S Corporation
Industry: Other Heavy and Civil Engineering Construction
Location: Birmingham, AL
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Russo Corporation is a subchapter s corporation located at 1421 Mims Ave Sw in Birmingham, Alabama that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #6768938602
Loan Size:
Jobs Retained:
226Loan Approved:
2021-03-23Loan Status:
Paid in Full or ForgivenLender:
Bryant BankRusso Corporation in Birmingham, AL received a Paycheck Protection Loan of $2M through Bryant Bank, which was approved in March, 2021.
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
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Russo Corporation's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 226 jobs retained, this equals an estimated average yearly compensation of $42,478 per employee1
Reported PPP Proceed Usage:
On the PPP application, Russo Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Russo Corporation in Birmingham, AL
1421 Mims Ave Sw
Birmingham, AL 35211
Business Industry:
Other Heavy and Civil Engineering Construction
NAICS code 237990
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Birmingham
In the Birmingham area, 6 businesses in the "Other Heavy and Civil Engineering Construction" industry received a PPP loan. These local businesses reported an average of 105 employees (compared to this company's 226) and received an average PPP loan of $1,269,502 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Cowin And Company Inc
Birmingham, AL
Glenn & Wright Inc
Irondale, AL
Glenn & Wright, Inc
Montgomery, AL
G & R Mineral Services, Inc
Irondale, AL
Industry PPP Comparison Statistics
Nationwide, 11,087 businesses in the "Other Heavy and Civil Engineering Construction" industry received a total of $2.63B 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 17 employees, 92% lower than Russo Corporation's reported 226 employees, and received an average PPP loan of $236,973, 88% lower than this company's loan of $2M.
Russo Corporation
Entity: Subchapter S Corporation
Industry: Site Preparation Contractors
Location: Birmingham, AL
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Russo Corporation is a subchapter s corporation located at 1421 Mims Ave Sw in Birmingham, Alabama that received a Coronavirus-related PPP loan from the SBA of $3,705,981.00 in April, 2020.
$
PPP Loan Information
Loan #1953807100
Loan Size:
Jobs Retained:
247Loan Approved:
2020-04-10Loan Status:
Paid in Full or ForgivenLender:
Bryant BankRusso Corporation in Birmingham, AL received a Paycheck Protection Loan of $3.71M through Bryant 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, 2023.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Russo Corporation's 2019 payroll expenses are estimated to be at least $17.79M.
Based on their reported 247 jobs retained, this equals an estimated average yearly compensation of $72,019 per employee1
Reported PPP Proceed Usage:
On the PPP application, Russo Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,705,981
Business Information - Russo Corporation in Birmingham, AL
1421 Mims Ave Sw
Birmingham, AL 35211
Business Industry:
Site Preparation Contractors
NAICS code 238910
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Birmingham
In the Birmingham area, 3 businesses in the "Site Preparation Contractors" industry received a PPP loan. These local businesses reported an average of 153 employees (compared to this company's 247) and received an average PPP loan of $1,944,494 (compared to this company's $3.71M).
Similar Nearby Businesses Who Received PPP Funding:
H. L. Coshatt Company, Inc
Birmingham, AL
Morris-Shea Bridge Company Inc
Irondale, AL
Industry PPP Comparison Statistics
Nationwide, 30,773 businesses in the "Site Preparation Contractors" industry received a total of $4.3B 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, 95% lower than Russo Corporation's reported 247 employees, and received an average PPP loan of $139,838, 96% lower than this company's loan of $3.71M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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