PPP Loan Data — HI-Tek Manufacturing Inc, Mason, OH
HI-Tek Manufacturing Inc is a corporation located at 6050 Hi Tek Ct in Mason, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,629,000.00 in April, 2020.
$ PPP Loan Information
Lender:FIRST FINANCIAL BANK
HI-Tek Manufacturing Inc received a Paycheck Protection Loan of $2.63M through FIRST FINANCIAL BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, HI-Tek Manufacturing Inc's total 2019 payroll expenses were approximately $12.62M in order to qualify for the PPP loan amount received.
Based on their reported 184 jobs retained, this equals an estimated average yearly compensation of $68,583 per employee1.
Business Information - HI-Tek Manufacturing Inc in Mason, OH
6050 Hi Tek Ct
Mason, OH 45040
Machine Shops (NAICS code 332710)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: OH-01
Similar Companies near Mason
In the Mason area, 6 businesses in the "Machine Shops" industry received a PPP loan. These local businesses reported an average of 42 employees (compared to this company's 184) and received an average PPP loan of $597,440 (compared to this company's $2.63M).
Similar Nearby Businesses Who Received PPP Funding:
D A Precision Products Inc
Carter Manufacturing Co Inc
K & K Precision, Inc
Beaumont Machine, LLC
Industry PPP Comparison Statistics
Nationwide, 9,651 businesses in the "Machine Shops" industry received a total of $1,842,411,346.00 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 14 employees, 92% lower than HI-Tek Manufacturing Inc's reported 184 employees, and received an average PPP loan of $190,904, 93% lower than this company's loan of $2.63M.
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.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!