PPP Loan Data — Galfab Holdings Inc, Winamac, IN
Galfab Holdings Inc
Location: Winamac, INTweet This • Search All PPP Data
Galfab Holdings Inc is a corporation located at 612 W 11th St in Winamac, Indiana that received a Coronavirus-related PPP loan from the SBA of $1,730,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Merchants Bank
Galfab Holdings Inc in Winamac, IN received a Paycheck Protection Loan of $1.73M through First Merchants Bank, which was approved in April, 2020.
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, Galfab Holdings Inc's 2019 payroll expenses are estimated to be at least $8.3M.
Based on their reported 116 jobs retained, this equals an estimated average yearly compensation of $71,586 per employee1
Reported PPP Proceed Usage:
On the PPP application, Galfab Holdings Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,730,000
Business Information - Galfab Holdings Inc in Winamac, IN
612 W 11th St
Winamac, IN 46996
Overhead Traveling Crane, Hoist, and Monorail System Manufacturing
NAICS code 333923
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 472 businesses in the "Overhead Traveling Crane, Hoist, and Monorail System Manufacturing" industry received a total of $167.01M 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 25 employees, 78% lower than Galfab Holdings Inc's reported 116 employees, and received an average PPP loan of $353,836, 80% lower than this company's loan of $1.73M.
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Footnotes & Information
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