PPP Loan Data — The Cornerstone Of Recovery Inc, Louisville, TN
The Cornerstone Of Recovery Inc is a corporation located at Airport Hwy in Louisville, Tennessee that received a Coronavirus-related PPP loan from the SBA of $1,945,748.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 244 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Peoples Bank of the South
The Cornerstone Of Recovery Inc in Louisville, TN received a Paycheck Protection Loan of $1.95M through Peoples Bank of the South, 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 October, 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, The Cornerstone Of Recovery Inc's 2019 payroll expenses are estimated to be at least $9.34M.
Based on their reported 244 jobs retained, this equals an estimated average yearly compensation of $38,277 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Cornerstone Of Recovery Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,653,885
- Utilities: $97,287
- Rent: $97,287
- Health Care: $97,287
Business Information - The Cornerstone Of Recovery Inc in Louisville, TN
Louisville, TN 37777
Psychiatric and Substance Abuse Hospitals
NAICS code 622210
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, 1,071 businesses in the "Psychiatric and Substance Abuse Hospitals" industry received a total of $316.25M 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 32 employees, 87% lower than The Cornerstone Of Recovery Inc's reported 244 employees, and received an average PPP loan of $295,289, 85% lower than this company's loan of $1.95M.
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Footnotes & Information
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