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PPP Loan Data — Cortec Precision Sheet Metal Inc,
San Jose, CA
Cortec Precision Sheet Metal Inc
Entity: Corporation
Industry: All Other Miscellaneous Fabricated Metal Product Manufacturing
Location: San Jose, CA
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Cortec Precision Sheet Metal Inc is a corporation located at 2231 Will Wool Dr in San Jose, California that received a Coronavirus-related PPP loan from the SBA of $5,339,029.00 in May, 2020.
The company has reported itself as a male owned business, and employed at least 500 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4812877709
Loan Size:
Jobs Retained:
500Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
Wells Fargo Bank, National AssociationCortec Precision Sheet Metal Inc in San Jose, CA received a Paycheck Protection Loan of $5.34M through Wells Fargo Bank, National Association, which was approved in May, 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 March, 2022.
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, Cortec Precision Sheet Metal Inc's 2019 payroll expenses are estimated to be at least $25.63M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $51,255 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cortec Precision Sheet Metal Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,339,029
Business Information - Cortec Precision Sheet Metal Inc in San Jose, CA
2231 Will Wool Dr
San Jose, CA 95112
Business Industry:
All Other Miscellaneous Fabricated Metal Product Manufacturing
NAICS code 332999
Business Owner Demographics
Race: Unreported
Ethnicity: Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near San Jose
In the San Jose area, 11 businesses in the "All Other Miscellaneous Fabricated Metal Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 53 employees (compared to this company's 500) and received an average PPP loan of $558,492 (compared to this company's $5.34M).
Similar Nearby Businesses Who Received PPP Funding:
Phil Wood & Co
San Jose, CA
Encore Machining Inc
San Jose, CA
Kadar Machining Services Inc
San Jose, CA
Hiep Nguyen Corporation
San Jose, CA
Advanced Precision Spring Corp
San Jose, CA
Mancias Steel Company Inc
San Jose, CA
Master Vapor Pumps LLC
San Jose, CA
A & H Precision Machining Corporation
San Jose, CA
Industry PPP Comparison Statistics
Nationwide, 8,405 businesses in the "All Other Miscellaneous Fabricated Metal Product Manufacturing" industry received a total of $1.97B 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, 96% lower than Cortec Precision Sheet Metal Inc's reported 500 employees, and received an average PPP loan of $234,066, 96% lower than this company's loan of $5.34M.
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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