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PPP Loan Data — Belco Industries Inc,
Belding, MI
Belco Industries Inc
Entity: Corporation
Industry: Sheet Metal Work Manufacturing
Location: Belding, MI
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Belco Industries Inc is a corporation located at 9138 W Belding Rd in Belding, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,063,480.00 in January, 2021.
The company has reported itself as a White male owned business, and employed at least 61 people during the applicable loan loan period.
$
PPP Loan Information
Loan #1024978401
Loan Size:
Jobs Retained:
61Loan Approved:
2021-01-31Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationBelco Industries Inc in Belding, MI received a Paycheck Protection Loan of $1.06M through Bank of America, National Association, which was approved in January, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Belco Industries Inc's 2019 payroll expenses are estimated to be at least $5.1M.
Based on their reported 61 jobs retained, this equals an estimated average yearly compensation of $83,684 per employee1
Reported PPP Proceed Usage:
On the PPP application, Belco Industries Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,063,477
- Utilities: $1
Business Information - Belco Industries Inc in Belding, MI
9138 W Belding Rd
Belding, MI 48809
Business Industry:
Sheet Metal Work Manufacturing
NAICS code 332322
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Similar Companies near Belding
In the Belding area, 2 businesses in the "Sheet Metal Work Manufacturing" industry received a PPP loan. These local businesses reported an average of 39 employees (compared to this company's 61) and received an average PPP loan of $647,739 (compared to this company's $1.06M).
Similar Nearby Businesses Who Received PPP Funding:
Digital Fabrication, Inc
Belding, MI
Industry PPP Comparison Statistics
Nationwide, 4,072 businesses in the "Sheet Metal Work Manufacturing" industry received a total of $1.13B 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 23 employees, 62% lower than Belco Industries Inc's reported 61 employees, and received an average PPP loan of $277,719, 74% lower than this company's loan of $1.06M.
Belco Industries Inc
Entity: Corporation
Industry: Industrial Process Furnace and Oven Manufacturing
Location: Belding, MI
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Belco Industries Inc is a corporation located at 9138 W Belding Rd in Belding, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,063,482.00 in April, 2020.
$
PPP Loan Information
Loan #1285247200
Loan Size:
Jobs Retained:
62Loan Approved:
2020-04-15Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationBelco Industries Inc in Belding, MI received a Paycheck Protection Loan of $1.06M through Bank of America, National Association, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Belco Industries Inc's 2019 payroll expenses are estimated to be at least $5.1M.
Based on their reported 62 jobs retained, this equals an estimated average yearly compensation of $82,334 per employee1
Reported PPP Proceed Usage:
On the PPP application, Belco Industries Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,063,482
Business Information - Belco Industries Inc in Belding, MI
9138 W Belding Rd
Belding, MI 48809
Business Industry:
Industrial Process Furnace and Oven Manufacturing
NAICS code 333994
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age:
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 277 businesses in the "Industrial Process Furnace and Oven Manufacturing" industry received a total of $93.1M 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 24 employees, 61% lower than Belco Industries Inc's reported 62 employees, and received an average PPP loan of $336,110, 68% lower than this company's loan of $1.06M.
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.
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