PPP Loan Data — Compass Systems & Sales LLC, Norton, OH
Compass Systems & Sales LLC is a limited liability company (LLC) located at 5185 New Haven Cir in Norton, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,567,405.00 in January, 2021.
The company has reported itself as a White female owned business, and employed at least 88 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Huntington National Bank
Compass Systems & Sales LLC in Norton, OH received a Paycheck Protection Loan of $1.57M through The Huntington National Bank, which was approved in January, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Compass Systems & Sales LLC's 2019 payroll expenses are estimated to be at least $7.52M.
Based on their reported 88 jobs retained, this equals an estimated average yearly compensation of $85,495 per employee1
Reported PPP Proceed Usage:
On the PPP application, Compass Systems & Sales LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,567,399
- Utilities: $1
Business Information - Compass Systems & Sales LLC in Norton, OH
5185 New Haven Cir
Norton, OH 44203
Machine Tool Manufacturing
NAICS code 333517
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Norton
In the Norton area, 2 businesses in the "Machine Tool Manufacturing" industry received a PPP loan. These local businesses reported an average of 48 employees (compared to this company's 88) and received an average PPP loan of $805,665 (compared to this company's $1.57M).
Similar Nearby Businesses Who Received PPP Funding:
Always Anglen, Inc
Industry PPP Comparison Statistics
Nationwide, 2,977 businesses in the "Machine Tool Manufacturing" industry received a total of $619M 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 17 employees, 81% lower than Compass Systems & Sales LLC's reported 88 employees, and received an average PPP loan of $207,928, 87% lower than this company's loan of $1.57M.
FederalPay's PPP Information Policy
Footnotes & Information
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