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

PPP Loan Data — Cosmo Plastics Company, Solon, OH

ALERT: There are 2 PPP loans for a total of $3.12M in our database for businesses with the name "Cosmo Plastics Company" in Solon, OH. 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 Cosmo Plastics Company
OH

Cosmo Plastics Company

Entity: Corporation

Industry: Unlaminated Plastics Profile Shape Manufacturing

Location: Solon, OH

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Cosmo Plastics Company is a corporation located at 30201 Aurora Rd in Solon, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,522,330.00 in March, 2021.

$ PPP Loan Information
Loan #3577118705

Loan Size:

$1.52M
PPP Funds Undisbursed

Jobs Retained:

185

Loan Approved:

2021-03-31

Loan Status:

Active Un-Disbursed

Lender:

The Huntington National Bank

Cosmo Plastics Company in Solon, OH received a Paycheck Protection Loan of $1.52M through The Huntington National Bank, which was approved in March, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $1.52M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 2021.

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, Cosmo Plastics Company's 2019 payroll expenses are estimated to be at least $7.31M.

Based on their reported 185 jobs retained, this equals an estimated average yearly compensation of $39,498 per employee1

Reported PPP Proceed Usage:

On the PPP application, Cosmo Plastics Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,522,326
  • Utilities: $1

Business Information - Cosmo Plastics Company in Solon, OH

Cosmo Plastics Company
30201 Aurora Rd
Solon, OH 44139

Business Industry:
Unlaminated Plastics Profile Shape Manufacturing
NAICS code 326121

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: N

HUBZone: N

Rural / Urban: Urban

Cuyahoga County, OH — SBA Office 0549 — Congressional District: OH-14

Industry PPP Comparison Statistics

Nationwide, 208 businesses in the "Unlaminated Plastics Profile Shape Manufacturing" industry received a total of $84.41M 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 36 employees, 81% lower than Cosmo Plastics Company's reported 185 employees, and received an average PPP loan of $405,811, 73% lower than this company's loan of $1.52M.

SBA PPP loan data, payroll data, and salaries for Cosmo Plastics Company
OH

Cosmo Plastics Company

Entity: Corporation

Industry: Plastics Material and Resin Manufacturing

Location: Solon, OH

Search All PPP Data

Cosmo Plastics Company is a corporation located at 30201 Aurora Rd in Solon, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,594,400.00 in April, 2020.

$ PPP Loan Information
Loan #1455807108

Loan Size:

$1.59M

Jobs Retained:

156

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

The Huntington National Bank

Cosmo Plastics Company in Solon, OH received a Paycheck Protection Loan of $1.59M through The Huntington 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, Cosmo Plastics Company's 2019 payroll expenses are estimated to be at least $7.65M.

Based on their reported 156 jobs retained, this equals an estimated average yearly compensation of $49,058 per employee1

Reported PPP Proceed Usage:

On the PPP application, Cosmo Plastics Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,594,400

Business Information - Cosmo Plastics Company in Solon, OH

Cosmo Plastics Company
30201 Aurora Rd
Solon, OH 44139

Business Industry:
Plastics Material and Resin Manufacturing
NAICS code 325211

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: N

HUBZone: N

Rural / Urban: Urban

Cuyahoga County, OH — SBA Office 0549 — Congressional District: OH-14

Industry PPP Comparison Statistics

Nationwide, 1,268 businesses in the "Plastics Material and Resin Manufacturing" industry received a total of $404M 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 29 employees, 81% lower than Cosmo Plastics Company's reported 156 employees, and received an average PPP loan of $318,614, 80% lower than this company's loan of $1.59M.

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/cosmo-plastics-company-solon-oh