PPP Loan Data — Forward Mechanical Corp, Maspeth, NY
Forward Mechanical Corp is a corporation located at 55-54 60th Street in Maspeth, New York that received a Coronavirus-related PPP loan from the SBA of $1,781,400.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Sterling National Bank
Forward Mechanical Corp in Maspeth, NY received a Paycheck Protection Loan of $1.78M through Sterling National Bank, which was approved in April, 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, Forward Mechanical Corp's 2019 payroll expenses are estimated to be at least $8.55M.
Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $47,504 per employee1
Reported PPP Proceed Usage:
On the PPP application, Forward Mechanical Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,781,400
Business Information - Forward Mechanical Corp in Maspeth, NY
55-54 60th Street
Maspeth, NY 11378
Industrial Building Construction
NAICS code 236210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Maspeth
In the Maspeth area, 12 businesses in the "Industrial Building Construction" industry received a PPP loan. These local businesses reported an average of 28 employees (compared to this company's 180) and received an average PPP loan of $283,601 (compared to this company's $1.78M).
Similar Nearby Businesses Who Received PPP Funding:
YU Li Construction Inc
Middle Village, NY
JC Contracting Mgmt LLC
SAT Utility Contracting LLC
HI-Tech Metals Inc
A101 Construction Design Inc
Middle Vlg, NY
AJ Renovation Group Inc
Dandd Storage Solution Inc
Industry PPP Comparison Statistics
Nationwide, 16,732 businesses in the "Industrial Building Construction" industry received a total of $2.24B 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 10 employees, 94% lower than Forward Mechanical Corp's reported 180 employees, and received an average PPP loan of $134,004, 92% lower than this company's loan of $1.78M.
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Footnotes & Information
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