PPP Loan Data — Southern Parallel Forest Products Corporation, Albertville, AL
Southern Parallel Forest Products Corporation is a corporation located at 660 Industrial Blvd in Albertville, Alabama that received a Coronavirus-related PPP loan from the SBA of $1,706,800.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 145 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Peoples Independent Bank
Southern Parallel Forest Products Corporation in Albertville, AL received a Paycheck Protection Loan of $1.71M through Peoples Independent 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 April, 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, Southern Parallel Forest Products Corporation's 2019 payroll expenses are estimated to be at least $8.19M.
Based on their reported 145 jobs retained, this equals an estimated average yearly compensation of $56,501 per employee1
Reported PPP Proceed Usage:
On the PPP application, Southern Parallel Forest Products Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,683,700
- Utilities: $10,000
- Health Care: $13,100
Business Information - Southern Parallel Forest Products Corporation in Albertville, AL
660 Industrial Blvd
Albertville, AL 35950
NAICS code 321113
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 2,110 businesses in the "Sawmills" industry received a total of $393.29M 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 20 employees, 86% lower than Southern Parallel Forest Products Corporation's reported 145 employees, and received an average PPP loan of $186,392, 89% lower than this company's loan of $1.71M.
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Footnotes & Information
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