PPP Loan Data — Fletcher Machine Works, Fletcher, NC
Fletcher Machine Works is a limited liability company (LLC) located at 54 American Way in Fletcher, North Carolina that received a Coronavirus-related PPP loan from the SBA of $45,720.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Celtic Bank Corporation
Fletcher Machine Works in Fletcher, NC received a Paycheck Protection Loan of $45,720 through Celtic Bank Corporation, which was approved in May, 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
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, Fletcher Machine Works' 2019 payroll expenses are estimated to be at least $219,456.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $24,384 per employee1
Reported PPP Proceed Usage:
On the PPP application, Fletcher Machine Works reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $34,290
- Rent: $11,430
Business Information - Fletcher Machine Works in Fletcher, NC
54 American Way
Fletcher, NC 28732
All Other Miscellaneous Manufacturing
NAICS code 339999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Fletcher
In the Fletcher area, 2 businesses in the "All Other Miscellaneous Manufacturing" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 9) and received an average PPP loan of $76,300 (compared to this company's $45,720).
Similar Nearby Businesses Who Received PPP Funding:
Accurate Glass & Mirror, Inc
Flat Rock, NC
Industry PPP Comparison Statistics
Nationwide, 17,359 businesses in the "All Other Miscellaneous Manufacturing" industry received a total of $2.06B 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 12 employees, 33% higher than Fletcher Machine Works' reported 9 employees, and received an average PPP loan of $118,586, 159% higher than this company's loan of $45,720.
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Footnotes & Information
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