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PPP Loan Data — Covert Manufacturing Inc,
Galion, OH
Covert Manufacturing Inc
Entity: Corporation
Industry: Machine Shops
Location: Galion, OH
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Covert Manufacturing Inc is a corporation located at 328 S East St in Galion, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.
The company has reported itself as a female owned business, and employed at least 208 people during the applicable loan loan period.
$
PPP Loan Information
Loan #4494688308
Loan Size:
Jobs Retained:
208Loan Approved:
2021-01-23Loan Status:
Paid in Full or ForgivenLender:
Westfield Bank, FSBCovert Manufacturing Inc in Galion, OH received a Paycheck Protection Loan of $2M through Westfield Bank, FSB, which was approved in January, 2021.
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 August, 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 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, Covert Manufacturing Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 208 jobs retained, this equals an estimated average yearly compensation of $46,154 per employee1
Reported PPP Proceed Usage:
On the PPP application, Covert Manufacturing Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Covert Manufacturing Inc in Galion, OH
328 S East St
Galion, OH 44833
Business Industry:
Machine Shops
NAICS code 332710
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Rural
Similar Companies near Galion
In the Galion area, 6 businesses in the "Machine Shops" industry received a PPP loan. These local businesses reported an average of 59 employees (compared to this company's 208) and received an average PPP loan of $585,878 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Central State Enterprises Inc
Galion, OH
Quest Machining LTD
Galion, OH
Carter Machine Company, Inc
Galion, OH
Industry PPP Comparison Statistics
Nationwide, 16,509 businesses in the "Machine Shops" industry received a total of $2.92B 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 15 employees, 93% lower than Covert Manufacturing Inc's reported 208 employees, and received an average PPP loan of $176,799, 91% lower than this company's loan of $2M.
Covert Manufacturing, Inc
Entity: Corporation
Industry: Industrial Mold Manufacturing
Location: Galion, OH
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Covert Manufacturing, Inc is a corporation located at 328 South East St in Galion, Ohio that received a Coronavirus-related PPP loan from the SBA of $3,573,600.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 290 people during the applicable loan loan period.
$
PPP Loan Information
Loan #7714377004
Loan Size:
Jobs Retained:
290Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
Westfield Bank, FSBCovert Manufacturing, Inc in Galion, OH received a Paycheck Protection Loan of $3.57M through Westfield Bank, FSB, which was approved in April, 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 May, 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 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, Covert Manufacturing, Inc's 2019 payroll expenses are estimated to be at least $17.15M.
Based on their reported 290 jobs retained, this equals an estimated average yearly compensation of $59,149 per employee1
Reported PPP Proceed Usage:
On the PPP application, Covert Manufacturing, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,573,600
Business Information - Covert Manufacturing, Inc in Galion, OH
328 South East St
Galion, OH 44833
Business Industry:
Industrial Mold Manufacturing
NAICS code 333511
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,129 businesses in the "Industrial Mold Manufacturing" industry received a total of $333.19M 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 24 employees, 92% lower than Covert Manufacturing, Inc's reported 290 employees, and received an average PPP loan of $295,119, 92% lower than this company's loan of $3.57M.
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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