PPP Loan Data — Fasteners Resource & Industrial Supply LLC, Lake Orion, MI
Fasteners Resource & Industrial Supply LLC is a subchapter s corporation located at 140 Engelwood Dr Ste E in Lake Orion, Michigan that received a Coronavirus-related PPP loan from the SBA of $25,295.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Opportunity Resource Fund
Fasteners Resource & Industrial Supply LLC in Lake Orion, MI received a Paycheck Protection Loan of $25,295 through Opportunity Resource Fund, which was approved in January, 2021.
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
Understanding Payroll Estimates Based On PPP Amount
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, Fasteners Resource & Industrial Supply LLC's 2019 payroll expenses are estimated to be at least $121,416.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,708 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fasteners Resource & Industrial Supply LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,293
- Utilities: $1
Business Information - Fasteners Resource & Industrial Supply LLC in Lake Orion, MI
140 Engelwood Dr Ste E
Lake Orion, MI 48359
Hardware Merchant Wholesalers
NAICS code 423710
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,032 businesses in the "Hardware Merchant Wholesalers" industry received a total of $513.87M 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, 650% higher than Fasteners Resource & Industrial Supply LLC's reported 2 employees, and received an average PPP loan of $169,481, 570% higher than this company's loan of $25,295.
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Footnotes & Information
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