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PPP Loan Data — Gorman Bros., Inc., Albany, NY

SBA PPP loan data, payroll data, and salaries for Gorman Bros., Inc.
NY

Gorman Bros., Inc.

Entity: Subchapter S Corporation

Industry: Highway, Street, and Bridge Construction

Location: Albany, NY

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Gorman Bros., Inc. is a subchapter s corporation located at 200 Church Street in Albany, New York that received a Coronavirus-related PPP loan from the SBA of $3,603,460.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.6M

Jobs Retained:

192

Loan Approved:

2020-04-11

Lender:

KEYBANK NATIONAL ASSOCIATION

Gorman Bros., Inc. received a Paycheck Protection Loan of $3.6M through KEYBANK NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Gorman Bros., Inc.'s total 2019 payroll expenses were approximately $17.3M in order to qualify for the PPP loan amount received.

Based on their reported 192 jobs retained, this equals an estimated average yearly compensation of $90,087 per employee1.

Because the loan received by Gorman Bros., Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Gorman Bros., Inc. in Albany, NY

Gorman Bros., Inc.
200 Church Street
Albany, NY 12202

Business Industry

Highway, Street, and Bridge Construction (NAICS code 237310)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-20

Industry PPP Comparison Statistics

Nationwide, 7,070 businesses in the "Highway, Street, and Bridge Construction" industry received a total of $2,867,987,409.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 26 employees, 86% lower than Gorman Bros., Inc.'s reported 192 employees, and received an average PPP loan of $405,656, 89% lower than this company's loan of $3.6M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/gorman-bros-inc-albany-ny