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PPP Loan Data — Covert Manufacturing, Inc., Galion, OH

SBA PPP loan data, payroll data, and salaries for Covert Manufacturing, Inc.
OH

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 White male owned business, and employed at least 290 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$3.57M

Jobs Retained:

290

Loan Approved:

2020-04-08

Lender:

WESTFIELD BANK, FSB

Covert Manufacturing, Inc. received a Paycheck Protection Loan of $3.57M through WESTFIELD BANK, FSB, which was approved in April, 2020.

Based on standard PPP eligibility rules, Covert Manufacturing, Inc.'s total 2019 payroll expenses were approximately $17.15M in order to qualify for the PPP loan amount received.

Based on their reported 290 jobs retained, this equals an estimated average yearly compensation of $59,149 per employee1.

Because the loan received by Covert Manufacturing, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Covert Manufacturing, Inc. in Galion, OH

Covert Manufacturing, Inc.
328 South East St
Galion, OH 44833

Business Industry

Industrial Mold Manufacturing (NAICS code 333511)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: Unreported

Congressional District: OH-04

Industry PPP Comparison Statistics

Nationwide, 709 businesses in the "Industrial Mold Manufacturing" industry received a total of $233,949,824.00 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 24 employees, 92% lower than Covert Manufacturing, Inc.'s reported 290 employees, and received an average PPP loan of $329,972, 91% 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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/covert-manufacturing-inc-galion-oh