PPP Loan Data — Baermann Magnetics Inc, Spartanburg, SC
Baermann Magnetics Inc
Location: Spartanburg, SCTweet This • Search All PPP Data
Baermann Magnetics Inc is a corporation located in Spartanburg, South Carolina that received a Coronavirus-related PPP loan from the SBA of $13,400.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Baermann Magnetics Inc in Spartanburg, SC received a Paycheck Protection Loan of $13,400 through Truist 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.
Reported PPP Proceed Usage:
On the PPP application, Baermann Magnetics Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $13,400
Business Information - Baermann Magnetics Inc in Spartanburg, SC
* Full address is redacted to protect the privacy of individuals.
All Other Miscellaneous Fabricated Metal Product Manufacturing
NAICS code 332999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Spartanburg
In the Spartanburg area, 3 businesses in the "All Other Miscellaneous Fabricated Metal Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 92 employees (compared to this company's 1) and received an average PPP loan of $1,416,711 (compared to this company's $13,400).
Similar Nearby Businesses Who Received PPP Funding:
Interstate Mechanical & Millwright, Inc
Polydeck Screen Corporation
Industry PPP Comparison Statistics
Nationwide, 8,404 businesses in the "All Other Miscellaneous Fabricated Metal Product Manufacturing" industry received a total of $1.96B 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, 1900% higher than Baermann Magnetics Inc's reported 1 employees, and received an average PPP loan of $232,904, 1638% higher than this company's loan of $13,400.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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.
Have FederalPay.org's open data tools been valuable? Consider donating!