PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Frank Novak & Sons Inc, Cleveland, OH

ALERT: There are 2 PPP loans for a total of $4M in our database for businesses with the name "Frank Novak & Sons Inc" in Cleveland, OH. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Frank Novak & Sons Inc
OH

Frank Novak & Sons Inc

Entity: Subchapter S Corporation

Industry: Painting and Wall Covering Contractors

Location: Cleveland, OH

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Frank Novak & Sons Inc is a subchapter s corporation located at 23940 Miles Rd in Cleveland, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,943,745.00 in May, 2021.

$ PPP Loan Information
Loan #6182388900

Loan Size:

$1.94M

Jobs Retained:

96

Loan Approved:

2021-05-01

Loan Status:

Ongoing Loan

Lender:

KeyBank National Association

Frank Novak & Sons Inc in Cleveland, OH received a Paycheck Protection Loan of $1.94M through KeyBank National Association, which was approved in May, 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

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 More
Understanding 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 More

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, Frank Novak & Sons Inc's 2019 payroll expenses are estimated to be at least $9.33M.

Based on their reported 96 jobs retained, this equals an estimated average yearly compensation of $97,187 per employee1

Reported PPP Proceed Usage:

On the PPP application, Frank Novak & Sons Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,943,743
  • Utilities: $1

Business Information - Frank Novak & Sons Inc in Cleveland, OH

Frank Novak & Sons Inc
23940 Miles Rd
Cleveland, OH 44128

Business Industry:
Painting and Wall Covering Contractors
NAICS code 238320

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: Y

HUBZone: Y

Rural / Urban: Urban

Cuyahoga County, OH — SBA Office 0549 — Congressional District: OH-11

Similar Companies near Cleveland

In the Cleveland area, 27 businesses in the "Painting and Wall Covering Contractors" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 96) and received an average PPP loan of $168,064 (compared to this company's $1.94M).

Industry PPP Comparison Statistics

Nationwide, 50,571 businesses in the "Painting and Wall Covering Contractors" industry received a total of $2.46B 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 5 employees, 95% lower than Frank Novak & Sons Inc's reported 96 employees, and received an average PPP loan of $48,668, 97% lower than this company's loan of $1.94M.

SBA PPP loan data, payroll data, and salaries for Frank Novak & Sons, Inc
OH

Frank Novak & Sons, Inc

Entity: Subchapter S Corporation

Industry: Painting and Wall Covering Contractors

Location: Cleveland, OH

Search All PPP Data

Frank Novak & Sons, Inc is a subchapter s corporation located at 23940 Miles Rd in Cleveland, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,057,300.00 in April, 2020.

$ PPP Loan Information
Loan #1203267105

Loan Size:

$2.06M

Jobs Retained:

100

Loan Approved:

2020-04-10

Loan Status:

Ongoing Loan

Lender:

KeyBank National Association

Frank Novak & Sons, Inc in Cleveland, OH received a Paycheck Protection Loan of $2.06M through KeyBank National Association, 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

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 More
Understanding 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 More

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, Frank Novak & Sons, Inc's 2019 payroll expenses are estimated to be at least $9.88M.

Based on their reported 100 jobs retained, this equals an estimated average yearly compensation of $98,750 per employee1

Reported PPP Proceed Usage:

On the PPP application, Frank Novak & Sons, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,057,300
Because the loan received by Frank Novak & Sons, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Frank Novak & Sons, Inc in Cleveland, OH

Frank Novak & Sons, Inc
23940 Miles Rd
Cleveland, OH 44128

Business Industry:
Painting and Wall Covering Contractors
NAICS code 238320

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Cuyahoga County, OH — SBA Office 0549 — Congressional District: OH-11

Similar Companies near Cleveland

In the Cleveland area, 27 businesses in the "Painting and Wall Covering Contractors" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 100) and received an average PPP loan of $168,064 (compared to this company's $2.06M).

Industry PPP Comparison Statistics

Nationwide, 50,571 businesses in the "Painting and Wall Covering Contractors" industry received a total of $2.46B 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 5 employees, 95% lower than Frank Novak & Sons, Inc's reported 100 employees, and received an average PPP loan of $48,668, 98% lower than this company's loan of $2.06M.

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.

Search FederalPay's Full PPP Loan Database

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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/frank-novak-sons-inc-cleveland-oh