PPP Loan Data — South Central Fs, Inc, Effingham, IL
South Central Fs, Inc is a corporation located at 405 Banker St in Effingham, Illinois that received a Coronavirus-related PPP loan from the SBA of $3,794,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
South Central Fs, Inc in Effingham, IL received a Paycheck Protection Loan of $3.79M through Commerce Bank, 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, South Central Fs, Inc's 2019 payroll expenses are estimated to be at least $18.21M.
Based on their reported 303 jobs retained, this equals an estimated average yearly compensation of $60,105 per employee1
Reported PPP Proceed Usage:
On the PPP application, South Central Fs, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,544,100
- Utilities: $100,000
- Mortgage Interest: $150,000
Business Information - South Central Fs, Inc in Effingham, IL
405 Banker St
Effingham, IL 62401
Grain and Field Bean Merchant Wholesalers
NAICS code 424510
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,624 businesses in the "Grain and Field Bean Merchant Wholesalers" industry received a total of $288.83M 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 15 employees, 95% lower than South Central Fs, Inc's reported 303 employees, and received an average PPP loan of $177,852, 95% lower than this company's loan of $3.79M.
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Footnotes & Information
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