PPP Loan Data — Frank T. Lutter, Inc, Ambler, PA
Frank T. Lutter, Inc is a subchapter s corporation located at 100 Wissahickon Ave in Ambler, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $1,594,945.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:TD Bank, National Association
Frank T. Lutter, Inc in Ambler, PA received a Paycheck Protection Loan of $1.59M through TD Bank, 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.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 27 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.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 77. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Frank T. Lutter, Inc's 2019 payroll expenses are estimated to be at least $7.66M (not accounting for salary amounts > $100k).
Because the 27 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Frank T. Lutter, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,594,945
Business Information - Frank T. Lutter, Inc in Ambler, PA
100 Wissahickon Ave
Ambler, PA 19002
Drywall and Insulation Contractors
NAICS code 238310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Ambler
In the Ambler area, 2 businesses in the "Drywall and Insulation Contractors" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 27) and received an average PPP loan of $800,998 (compared to this company's $1.59M).
Similar Nearby Businesses Who Received PPP Funding:
Gallen Plastering And Stucco Inc
Industry PPP Comparison Statistics
Nationwide, 18,888 businesses in the "Drywall and Insulation Contractors" industry received a total of $2.43B 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 11 employees, 59% lower than Frank T. Lutter, Inc's reported 27 employees, and received an average PPP loan of $128,649, 92% lower than this company's loan of $1.59M.
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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