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PPP Loan Data — Cranemasters Inc,
North Chesterfield, VA
Cranemasters Inc
Entity: Subchapter S Corporation
Industry: Support Activities for Rail Transportation
Location: North Chesterfield, VA
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Cranemasters Inc is a subchapter s corporation located at 8020 Whitepine Rd in North Chesterfield, Virginia that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #1504478403
Loan Size:
Jobs Retained:
234Loan Approved:
2021-02-02Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationCranemasters Inc in North Chesterfield, VA received a Paycheck Protection Loan of $2M through PNC Bank, National Association, which was approved in February, 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 December, 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, Cranemasters Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 234 jobs retained, this equals an estimated average yearly compensation of $41,026 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cranemasters Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Cranemasters Inc in North Chesterfield, VA
8020 Whitepine Rd
North Chesterfield, VA 23237
Business Industry:
Support Activities for Rail Transportation
NAICS code 488210
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
Industry PPP Comparison Statistics
Nationwide, 1,797 businesses in the "Support Activities for Rail Transportation" industry received a total of $209.52M 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 14 employees, 94% lower than Cranemasters Inc's reported 234 employees, and received an average PPP loan of $116,593, 94% lower than this company's loan of $2M.
Cranemasters, Inc
Entity: Subchapter S Corporation
Industry: All Other Specialty Trade Contractors
Location: North Chesterfield, VA
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Cranemasters, Inc is a subchapter s corporation located at 8020 Whitepine Road in North Chesterfield, Virginia that received a Coronavirus-related PPP loan from the SBA of $5,176,900.00 in April, 2020.
$
PPP Loan Information
Loan #5688747102
Loan Size:
Jobs Retained:
236Loan Approved:
2020-04-13Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationCranemasters, Inc in North Chesterfield, VA received a Paycheck Protection Loan of $5.18M through PNC Bank, National Association, 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 July, 2021.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 236 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 248. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Cranemasters, Inc's 2019 payroll expenses are estimated to be at least $24.85M (not accounting for salary amounts > $100k).
Because the 236 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Cranemasters, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,176,900
Business Information - Cranemasters, Inc in North Chesterfield, VA
8020 Whitepine Road
North Chesterfield, VA 23237
Business Industry:
All Other Specialty Trade Contractors
NAICS code 238990
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age:
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near North Chesterfield
In the North Chesterfield area, 34 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 236) and received an average PPP loan of $277,654 (compared to this company's $5.18M).
Similar Nearby Businesses Who Received PPP Funding:
Refresh Cabinets LLC
North Chesterfield, VA
Atlas Contractors LLC
North Chesterfield, VA
Architectural Systems Of Virginia Inc
Richmond, VA
Aapco, Lc
North Chesterfield, VA
C D Hall Construction Services, LLC
Richmond, VA
Glenn Glass Inc
North Chesterfield, VA
K & C Shelf Corporation Sixty
North Chesterfield, VA
Refresh Cabinets, LLC
Richmond, VA
Spotless Window LLC DBA Fish Window Cleaning
Henrico, VA
Industry PPP Comparison Statistics
Nationwide, 92,260 businesses in the "All Other Specialty Trade Contractors" industry received a total of $8.02B 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 8 employees, 97% lower than Cranemasters, Inc's reported 236 employees, and received an average PPP loan of $86,912, 98% lower than this company's loan of $5.18M.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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