PPP Loan Data — Welco Custom Trim Shop, Ithaca, NY
Welco Custom Trim Shop
Entity: Sole Proprietorship
Location: Ithaca, NYTweet This • Search All PPP Data
Welco Custom Trim Shop is a sole proprietorship located at 207 Elmira Rd in Ithaca, New York that received a Coronavirus-related PPP loan from the SBA of $24,810.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Chemung Canal Trust Company
Welco Custom Trim Shop in Ithaca, NY received a Paycheck Protection Loan of $24,810 through Chemung Canal Trust Company, 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, Welco Custom Trim Shop's 2019 payroll expenses are estimated to be at least $119,088.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,772 per employee1
Reported PPP Proceed Usage:
On the PPP application, Welco Custom Trim Shop reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,810
Business Information - Welco Custom Trim Shop in Ithaca, NY
207 Elmira Rd
Ithaca, NY 14850
Other Foundation, Structure, and Building Exterior Contractors
NAICS code 238190
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Ithaca
In the Ithaca area, 2 businesses in the "Other Foundation, Structure, and Building Exterior Contractors" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 4) and received an average PPP loan of $25,355 (compared to this company's $24,810).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 11,071 businesses in the "Other Foundation, Structure, and Building Exterior Contractors" industry received a total of $855.1M 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 7 employees, 75% higher than Welco Custom Trim Shop's reported 4 employees, and received an average PPP loan of $77,238, 211% higher than this company's loan of $24,810.
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