PPP Loan Data — FMI Corporation, Raleigh, NC
Location: Raleigh, NCTweet This • Search All PPP Data
FMI Corporation is a corporation located at 223 S West St in Raleigh, North Carolina that received a Coronavirus-related PPP loan from the SBA of $4,070,400.00 in April, 2020.
$ PPP Loan Information
Lender:DOGWOOD STATE BANK
FMI Corporation received a Paycheck Protection Loan of $4.07M through DOGWOOD STATE BANK, which was approved in April, 2020.
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 130 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 195.
Based on standard PPP eligibility rules, FMI Corporation's total 2019 payroll expenses were approximately $19.54M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 130 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - FMI Corporation in Raleigh, NC
223 S West St
Raleigh, NC 27603
Administrative Management and General Management Consulting Services (NAICS code 541611)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NC-04
Similar Companies near Raleigh
In the Raleigh area, 15 businesses in the "Administrative Management and General Management Consulting Services" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 130) and received an average PPP loan of $333,166 (compared to this company's $4.07M).
Similar Nearby Businesses Who Received PPP Funding:
RDI Foods LLC
AUM Hospitality, Inc
Fulcrum Strategies LLC
UP10 Solutions, LLC
High Mountain Management, LLC
Gina Miller & Associates, Inc.
Alliance Hospitality Management, LLC
Hedgehog Management, Inc.
Industry PPP Comparison Statistics
Nationwide, 42,814 businesses in the "Administrative Management and General Management Consulting Services" industry received a total of $3,692,368,152.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 95% lower than FMI Corporation's reported 130 employees, and received an average PPP loan of $86,242, 98% lower than this company's loan of $4.07M.
FederalPay's PPP Information Policy
Footnotes & Information
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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