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PPP Loan Data — Goebel Fixture Co,
Hutchinson, MN
Goebel Fixture Co
Entity: Corporation
Industry: Showcase, Partition, Shelving, and Locker Manufacturing
Location: Hutchinson, MN
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Goebel Fixture Co is a corporation located at 528 Dale St Sw in Hutchinson, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in April, 2021.
The company has reported itself as a White female owned business, and employed at least 78 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6627308706
Loan Size:
Jobs Retained:
78Loan Approved:
2021-04-04Loan Status:
Ongoing LoanLender:
Citizens Bank & Trust CoGoebel Fixture Co in Hutchinson, MN received a Paycheck Protection Loan of $2M through Citizens Bank & Trust Co, which was approved in April, 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.
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 78 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 96. 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
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 MoreUnderstanding 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 MoreBased 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, Goebel Fixture Co's 2019 payroll expenses are estimated to be at least $9.6M (not accounting for salary amounts > $100k).
Because the 78 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, Goebel Fixture Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,999
- Utilities: $1
Business Information - Goebel Fixture Co in Hutchinson, MN
528 Dale St Sw
Hutchinson, MN 55350
Business Industry:
Showcase, Partition, Shelving, and Locker Manufacturing
NAICS code 337215
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 741 businesses in the "Showcase, Partition, Shelving, and Locker Manufacturing" industry received a total of $241.29M 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 29 employees, 63% lower than Goebel Fixture Co's reported 78 employees, and received an average PPP loan of $325,621, 84% lower than this company's loan of $2M.
Goebel Fixture Co
Entity: Corporation
Industry: Custom Architectural Woodwork and Millwork Manufacturing
Location: Hutchinson, MN
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Goebel Fixture Co is a corporation located at 528 Dale Street in Hutchinson, Minnesota that received a Coronavirus-related PPP loan from the SBA of $2,574,600.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least 179 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6717857105
Loan Size:
Jobs Retained:
179Loan Approved:
2020-04-14Loan Status:
Ongoing LoanLender:
Center National BankGoebel Fixture Co in Hutchinson, MN received a Paycheck Protection Loan of $2.57M through Center National Bank, 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 MoreUnderstanding 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 MoreBased 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, Goebel Fixture Co's 2019 payroll expenses are estimated to be at least $12.36M.
Based on their reported 179 jobs retained, this equals an estimated average yearly compensation of $69,040 per employee1
Reported PPP Proceed Usage:
On the PPP application, Goebel Fixture Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,574,600
Business Information - Goebel Fixture Co in Hutchinson, MN
528 Dale Street
Hutchinson, MN 55350
Business Industry:
Custom Architectural Woodwork and Millwork Manufacturing
NAICS code 337212
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 3,709 businesses in the "Custom Architectural Woodwork and Millwork Manufacturing" industry received a total of $515.21M 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, 93% lower than Goebel Fixture Co's reported 179 employees, and received an average PPP loan of $138,909, 95% lower than this company's loan of $2.57M.
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.
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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