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PPP Loan Data — Capital Industrial Coatings, LLC, Hammond, IN

SBA PPP loan data, payroll data, and salaries for Capital Industrial Coatings, LLC
IN

Capital Industrial Coatings, LLC

Entity: Limited Liability Company (LLC)

Industry: Painting and Wall Covering Contractors

Location: Hammond, IN

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Capital Industrial Coatings, LLC is a limited liability company (LLC) located at 141 East 141st St in Hammond, Indiana that received a Coronavirus-related PPP loan from the SBA of $1,954,500.00 in April, 2020.

$ PPP Loan Information
Loan #5524127010

Loan Size:

$1.95M

Jobs Retained:

73

Loan Approved:

2020-04-05

Loan Status:

Ongoing Loan

Lender:

CIBC Bank USA
Likely Employment Reduction3

Capital Industrial Coatings, LLC in Hammond, IN received a Paycheck Protection Loan of $1.95M through CIBC Bank USA, 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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 73 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 94. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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 More
Understanding 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 More

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, Capital Industrial Coatings, LLC's 2019 payroll expenses are estimated to be at least $9.38M (not accounting for salary amounts > $100k).

Because the 73 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Capital Industrial Coatings, LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,954,500

Business Information - Capital Industrial Coatings, LLC in Hammond, IN

Capital Industrial Coatings, LLC
141 East 141st St
Hammond, IN 46327

Business Industry:
Painting and Wall Covering Contractors
NAICS code 238320

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Lake County, IN — SBA Office 0562 — Congressional District: IN-01

Similar Companies near Hammond

In the Hammond area, 2 businesses in the "Painting and Wall Covering Contractors" industry received a PPP loan. These local businesses reported an average of 37 employees (compared to this company's 73) and received an average PPP loan of $979,704 (compared to this company's $1.95M).

Similar Nearby Businesses Who Received PPP Funding:

Super Brush Painting Inc
Hammond, IN

$4,907 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 50,571 businesses in the "Painting and Wall Covering Contractors" industry received a total of $2.46B 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 5 employees, 93% lower than Capital Industrial Coatings, LLC's reported 73 employees, and received an average PPP loan of $48,668, 98% lower than this company's loan of $1.95M.

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.

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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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/capital-industrial-coatings-llc-hammond-in