PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Classic Turning Inc, Jackson, MI

ALERT: There are 2 PPP loans for a total of $3.75M in our database for businesses with the name "Classic Turning Inc" in Jackson, MI. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Classic Turning Inc
MI

Classic Turning Inc

Entity: Corporation

Industry: Machine Shops

Location: Jackson, MI

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Classic Turning Inc is a corporation located at 3000 E South St in Jackson, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,872,975.00 in January, 2021.

$ PPP Loan Information
Loan #3045148310

Loan Size:

$1.87M

Jobs Retained:

151

Loan Approved:

2021-01-21

Loan Status:

Ongoing Loan

Lender:

County National Bank

Classic Turning Inc in Jackson, MI received a Paycheck Protection Loan of $1.87M through County National Bank, 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 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, Classic Turning Inc's 2019 payroll expenses are estimated to be at least $8.99M.

Based on their reported 151 jobs retained, this equals an estimated average yearly compensation of $59,538 per employee1

Reported PPP Proceed Usage:

On the PPP application, Classic Turning Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,872,969
  • Utilities: $1

Business Information - Classic Turning Inc in Jackson, MI

Classic Turning Inc
3000 E South St
Jackson, MI 49201

Business Industry:
Machine Shops
NAICS code 332710

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: N

Rural / Urban: Rural

Jackson County, MI — SBA Office 0515 — Congressional District: MI-07

Similar Companies near Jackson

In the Jackson area, 16 businesses in the "Machine Shops" industry received a PPP loan. These local businesses reported an average of 28 employees (compared to this company's 151) and received an average PPP loan of $365,036 (compared to this company's $1.87M).

Industry PPP Comparison Statistics

Nationwide, 15,605 businesses in the "Machine Shops" industry received a total of $2.86B 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 16 employees, 89% lower than Classic Turning Inc's reported 151 employees, and received an average PPP loan of $183,220, 90% lower than this company's loan of $1.87M.

SBA PPP loan data, payroll data, and salaries for Classic Turning, Inc
MI

Classic Turning, Inc

Entity: Corporation

Industry: Aircraft Engine and Engine Parts Manufacturing

Location: Jackson, MI

Search All PPP Data

Classic Turning, Inc is a corporation located at 3000 E. South St in Jackson, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,872,975.00 in April, 2020.

$ PPP Loan Information
Loan #9979187000

Loan Size:

$1.87M

Jobs Retained:

151

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

County National Bank

Classic Turning, Inc in Jackson, MI received a Paycheck Protection Loan of $1.87M through County National Bank, 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 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, Classic Turning, Inc's 2019 payroll expenses are estimated to be at least $8.99M.

Based on their reported 151 jobs retained, this equals an estimated average yearly compensation of $59,538 per employee1

Reported PPP Proceed Usage:

On the PPP application, Classic Turning, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,498,380
  • Utilities: $93,649
  • Mortgage Interest: $280,946

Business Information - Classic Turning, Inc in Jackson, MI

Classic Turning, Inc
3000 E. South St
Jackson, MI 49201

Business Industry:
Aircraft Engine and Engine Parts Manufacturing
NAICS code 336412

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: N

Rural / Urban: Rural

Jackson County, MI — SBA Office 0515 — Congressional District: MI-07

Industry PPP Comparison Statistics

Nationwide, 690 businesses in the "Aircraft Engine and Engine Parts Manufacturing" industry received a total of $313.9M 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 35 employees, 77% lower than Classic Turning, Inc's reported 151 employees, and received an average PPP loan of $454,930, 76% lower than this company's loan of $1.87M.

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.

Search FederalPay's Full PPP Loan Database

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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Source: www.federalpay.org/paycheck-protection-program/classic-turning-inc-jackson-mi