PPP Loan Data — Glass Systems Inc, Lithonia, GA
Glass Systems Inc is a corporation located at 6655 Marbut Rd in Lithonia, Georgia that received a Coronavirus-related PPP loan from the SBA of $2,165,624.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Glass Systems Inc in Lithonia, GA received a Paycheck Protection Loan of $2.17M through Truist Bank d/b/a Branch Banking & Trust Co, 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, Glass Systems Inc's 2019 payroll expenses are estimated to be at least $10.39M.
Based on their reported 135 jobs retained, this equals an estimated average yearly compensation of $77,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Glass Systems Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,165,624
Business Information - Glass Systems Inc in Lithonia, GA
6655 Marbut Rd
Lithonia, GA 30058
Glass and Glazing Contractors
NAICS code 238150
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Lithonia
In the Lithonia area, 2 businesses in the "Glass and Glazing Contractors" industry received a PPP loan. These local businesses reported an average of 68 employees (compared to this company's 135) and received an average PPP loan of $1,091,489 (compared to this company's $2.17M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 7,547 businesses in the "Glass and Glazing Contractors" industry received a total of $1.07B 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 12 employees, 91% lower than Glass Systems Inc's reported 135 employees, and received an average PPP loan of $142,027, 93% lower than this company's loan of $2.17M.
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Footnotes & Information
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