PPP Loan Data — Strong Co, LLC, Grand Rapids, MI
Strong Co, LLC is a limited liability company (LLC) located at 128 Coldbrook St Ne in Grand Rapids, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,085.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fifth Third Bank
Strong Co, LLC in Grand Rapids, MI received a Paycheck Protection Loan of $25,085 through Fifth Third Bank, which was approved in May, 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, Strong Co, LLC's 2019 payroll expenses are estimated to be at least $120,408.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,204 per employee1
Reported PPP Proceed Usage:
On the PPP application, Strong Co, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,085
Business Information - Strong Co, LLC in Grand Rapids, MI
128 Coldbrook St Ne
Grand Rapids, MI 49503
Other Building Finishing Contractors
NAICS code 238390
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Grand Rapids
In the Grand Rapids area, 2 businesses in the "Other Building Finishing Contractors" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $21,644 (compared to this company's $25,085).
Similar Nearby Businesses Who Received PPP Funding:
Aberlour House LLC
Grand Rapids, MI
Industry PPP Comparison Statistics
Nationwide, 15,379 businesses in the "Other Building Finishing Contractors" industry received a total of $1.27B 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 8 employees, 300% higher than Strong Co, LLC's reported 2 employees, and received an average PPP loan of $82,449, 229% higher than this company's loan of $25,085.
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Footnotes & Information
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