PPP Loan Data — Solid Foundation Builders, Inc, Wilmington, NC
Solid Foundation Builders, Inc is a corporation located at 8607 Shipwatch Drive in Wilmington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $47,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Solid Foundation Builders, Inc in Wilmington, NC received a Paycheck Protection Loan of $47,100 through Truist Bank d/b/a Branch Banking & Trust Co, 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 January, 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, Solid Foundation Builders, Inc's 2019 payroll expenses are estimated to be at least $226,080.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $32,297 per employee1
Reported PPP Proceed Usage:
On the PPP application, Solid Foundation Builders, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,100
Business Information - Solid Foundation Builders, Inc in Wilmington, NC
8607 Shipwatch Drive
Wilmington, NC 28412
NAICS code 236118
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Wilmington
In the Wilmington area, 41 businesses in the "Residential Remodelers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 7) and received an average PPP loan of $26,048 (compared to this company's $47,100).
Similar Nearby Businesses Who Received PPP Funding:
Wells Building And Design LLC
VIE Construction Company Of Wilmington, Inc
Frank Bruno Homes, LLC
Atst Ventures, Inc
Pedro Angulo Parada
Holliday Construction LLC
Tom Greer Construction LLC
Irish Remodeling/ Diy Eze Breeze
Industry PPP Comparison Statistics
Nationwide, 175,017 businesses in the "Residential Remodelers" industry received a total of $5.32B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 3 employees, 57% lower than Solid Foundation Builders, Inc's reported 7 employees, and received an average PPP loan of $30,405, 35% lower than this company's loan of $47,100.
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Footnotes & Information
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