PPP Loan Data — Corvac Composites LLC, Grandville, MI
Corvac Composites LLC is a limited liability company (LLC) located at 2851 Prairie Street Sw in Grandville, Michigan that received a Coronavirus-related PPP loan from the SBA of $5,871,000.00 in April, 2020.
$ PPP Loan Information
Lender:CIBC BANK USA
Corvac Composites LLC in Grandville, MI received a Paycheck Protection Loan of $5.87M through CIBC BANK USA, which was approved in April, 2020.
Based on standard PPP eligibility rules, Corvac Composites LLC's total 2019 payroll expenses were approximately $28.18M in order to qualify for the PPP loan amount received.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $56,362 per employee1.
Business Information - Corvac Composites LLC in Grandville, MI
2851 Prairie Street Sw
Grandville, MI 49418
Other Motor Vehicle Parts Manufacturing (NAICS code 336390)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MI-02
Similar Companies near Grandville
In the Grandville area, 2 businesses in the "Other Motor Vehicle Parts Manufacturing" industry received a PPP loan. These local businesses reported an average of 357 employees (compared to this company's 500) and received an average PPP loan of $4,089,300 (compared to this company's $5.87M).
Similar Nearby Businesses Who Received PPP Funding:
Hadley Products Corporation
Industry PPP Comparison Statistics
Nationwide, 1,012 businesses in the "Other Motor Vehicle Parts Manufacturing" industry received a total of $430,804,983.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 33 employees, 93% lower than Corvac Composites LLC's reported 500 employees, and received an average PPP loan of $425,697, 93% lower than this company's loan of $5.87M.
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, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. 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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