PPP Loan Data — GSM Industrial Inc, Lancaster, PA
GSM Industrial Inc
Location: Lancaster, PATweet This • Search All PPP Data
GSM Industrial Inc is a corporation located at 3249 Hempland Road in Lancaster, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $1,831,050.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 123 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Fulton Bank, National Association
GSM Industrial Inc in Lancaster, PA received a Paycheck Protection Loan of $1.83M through Fulton Bank, National Association, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in January, 2021.
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, GSM Industrial Inc's 2019 payroll expenses are estimated to be at least $8.79M.
Based on their reported 123 jobs retained, this equals an estimated average yearly compensation of $71,456 per employee1
Reported PPP Proceed Usage:
On the PPP application, GSM Industrial Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,373,288
- Rent: $457,763
Business Information - GSM Industrial Inc in Lancaster, PA
3249 Hempland Road
Lancaster, PA 17601
All Other Miscellaneous Fabricated Metal Product Manufacturing
NAICS code 332999
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lancaster
In the Lancaster area, 2 businesses in the "All Other Miscellaneous Fabricated Metal Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 118 employees (compared to this company's 123) and received an average PPP loan of $1,788,248 (compared to this company's $1.83M).
Similar Nearby Businesses Who Received PPP Funding:
Goodhart Sons Inc
Industry PPP Comparison Statistics
Nationwide, 8,434 businesses in the "All Other Miscellaneous Fabricated Metal Product Manufacturing" industry received a total of $1.95B 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 20 employees, 84% lower than GSM Industrial Inc's reported 123 employees, and received an average PPP loan of $231,549, 87% lower than this company's loan of $1.83M.
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