PPP Loan Data — Hatch Stamping Company, LLC, Chelsea, MI
Hatch Stamping Company, LLC is a limited liability company (LLC) located at 635 E. Industrial Dr in Chelsea, Michigan that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.
$ PPP Loan Information
Lender:PNC BANK, NATIONAL ASSOCIATION
Hatch Stamping Company, LLC received a Paycheck Protection Loan of $10M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
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 250 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 480.
Based on standard PPP eligibility rules, Hatch Stamping Company, LLC's total 2019 payroll expenses were approximately $48M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 250 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Hatch Stamping Company, LLC in Chelsea, MI
635 E. Industrial Dr
Chelsea, MI 48118
Motor Vehicle Metal Stamping (NAICS code 336370)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MI-07
Industry PPP Comparison Statistics
Nationwide, 197 businesses in the "Motor Vehicle Metal Stamping" industry received a total of $211,847,677.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 76 employees, 70% lower than Hatch Stamping Company, LLC's reported 250 employees, and received an average PPP loan of $1.08M, 89% lower than this company's loan of $10M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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