PPP Loan Data — Sears Contract Inc, Raleigh, NC
Sears Contract Inc is a subchapter s corporation located at Po Box 33429 in Raleigh, North Carolina that received a Coronavirus-related PPP loan from the SBA of $2,487,700.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First-Citizens Bank & Trust Company
Sears Contract Inc in Raleigh, NC received a Paycheck Protection Loan of $2.49M through First-Citizens Bank & Trust Company, which was approved in April, 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, Sears Contract Inc's 2019 payroll expenses are estimated to be at least $11.94M.
Based on their reported 225 jobs retained, this equals an estimated average yearly compensation of $53,071 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sears Contract Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,487,700
Business Information - Sears Contract Inc in Raleigh, NC
Po Box 33429
Raleigh, NC 27636
Drywall and Insulation Contractors
NAICS code 238310
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 18,888 businesses in the "Drywall and Insulation Contractors" industry received a total of $2.43B 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, 95% lower than Sears Contract Inc's reported 225 employees, and received an average PPP loan of $128,649, 95% lower than this company's loan of $2.49M.
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Footnotes & Information
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