PPP Loan Data — Southern Cleaning Service, Inc, Springville, AL
Southern Cleaning Service, Inc is a corporation located at 13052 Us Highway 11 in Springville, Alabama that received a Coronavirus-related PPP loan from the SBA of $1,962,055.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Southern Cleaning Service, Inc in Springville, AL received a Paycheck Protection Loan of $1.96M through Synovus Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 94. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Southern Cleaning Service, Inc's 2019 payroll expenses are estimated to be at least $9.42M (not accounting for salary amounts > $100k).
Because the 78 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Southern Cleaning Service, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,962,055
Business Information - Southern Cleaning Service, Inc in Springville, AL
13052 Us Highway 11
Springville, AL 35146
NAICS code 561720
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Springville
In the Springville area, 8 businesses in the "Janitorial Services" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 78) and received an average PPP loan of $262,041 (compared to this company's $1.96M).
Similar Nearby Businesses Who Received PPP Funding:
Stephen Mobley Enterprises LLC
Faith Household Cleaning Services
DDD Enterprises LLC
T J Kelly's Cleaning Service
Industry PPP Comparison Statistics
Nationwide, 146,067 businesses in the "Janitorial Services" industry received a total of $4.43B 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 5 employees, 94% lower than Southern Cleaning Service, Inc's reported 78 employees, and received an average PPP loan of $30,311, 98% lower than this company's loan of $1.96M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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