PPP Loan Data — G & T Industries Inc, Byron Center, MI
G & T Industries Inc
Entity: Employee Stock Ownership Plan (esop)
Location: Byron Center, MITweet This • Search All PPP Data
G & T Industries Inc is an employee stock ownership plan (esop) located at 1001 76th St in Byron Center, Michigan that received a Coronavirus-related PPP loan from the SBA of $4,841,280.00 in April, 2020.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
G & T Industries Inc in Byron Center, MI received a Paycheck Protection Loan of $4.84M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, G & T Industries Inc's total 2019 payroll expenses were approximately $23.24M in order to qualify for the PPP loan amount received.
Based on their reported 438 jobs retained, this equals an estimated average yearly compensation of $53,055 per employee1.
Business Information - G & T Industries Inc in Byron Center, MI
1001 76th St
Byron Center, MI 49315
Urethane and Other Foam Product (except Polystyrene) Manufacturing (NAICS code 326150)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MI-03
Industry PPP Comparison Statistics
Nationwide, 304 businesses in the "Urethane and Other Foam Product (except Polystyrene) Manufacturing" industry received a total of $120,635,802.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 36 employees, 92% lower than G & T Industries Inc's reported 438 employees, and received an average PPP loan of $396,828, 92% lower than this company's loan of $4.84M.
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, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. 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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