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PPP Loan Data — Andronaco Inc, Grand Rapids, MI

SBA PPP loan data, payroll data, and salaries for Andronaco Inc
MI

Andronaco Inc

Entity: Corporation

Industry: Rubber and Plastics Hoses and Belting Manufacturing

Location: Grand Rapids, MI

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Andronaco Inc is a corporation located at 4855 Broadmoor Ave Se in Grand Rapids, Michigan that received a Coronavirus-related PPP loan from the SBA of $3,201,760.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.2M

Jobs Retained:

201

Loan Approved:

2020-04-06

Lender:

MERCANTILE BANK OF MICHIGAN

Andronaco Inc received a Paycheck Protection Loan of $3.2M through MERCANTILE BANK OF MICHIGAN, which was approved in April, 2020.

Based on standard PPP eligibility rules, Andronaco Inc's total 2019 payroll expenses were approximately $15.37M in order to qualify for the PPP loan amount received.

Based on their reported 201 jobs retained, this equals an estimated average yearly compensation of $76,460 per employee1.

Because the loan received by Andronaco Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Andronaco Inc in Grand Rapids, MI

Andronaco Inc
4855 Broadmoor Ave Se
Grand Rapids, MI 49512

Business Industry

Rubber and Plastics Hoses and Belting Manufacturing (NAICS code 326220)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-02

Industry PPP Comparison Statistics

Nationwide, 258 businesses in the "Rubber and Plastics Hoses and Belting Manufacturing" industry received a total of $87,516,775.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 31 employees, 85% lower than Andronaco Inc's reported 201 employees, and received an average PPP loan of $339,212, 89% lower than this company's loan of $3.2M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/andronaco-inc-grand-rapids-mi