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PPP Loan Data — Hurst, Inc., Belmont, MI

SBA PPP loan data, payroll data, and salaries for Hurst, Inc.
MI

Hurst, Inc.

Entity: Subchapter S Corporation

Industry: Plumbing, Heating, and Air-Conditioning Contractors

Location: Belmont, MI

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Hurst, Inc. is a subchapter s corporation located at 5800 Safety Dr in Belmont, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,732,070.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.73M

Jobs Retained:

140

Loan Approved:

2020-04-08

Lender:

MERCANTILE BANK OF MICHIGAN

Hurst, Inc. received a Paycheck Protection Loan of $2.73M through MERCANTILE BANK OF MICHIGAN, which was approved in April, 2020.

Based on standard PPP eligibility rules, Hurst, Inc.'s total 2019 payroll expenses were approximately $13.11M in order to qualify for the PPP loan amount received.

Based on their reported 140 jobs retained, this equals an estimated average yearly compensation of $93,671 per employee1.

Because the loan received by Hurst, 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 - Hurst, Inc. in Belmont, MI

Hurst, Inc.
5800 Safety Dr
Belmont, MI 49306

Business Industry

Plumbing, Heating, and Air-Conditioning Contractors (NAICS code 238220)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-03

Similar Companies near Belmont

In the Belmont area, 5 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 32 employees (compared to this company's 140) and received an average PPP loan of $593,330 (compared to this company's $2.73M).

Industry PPP Comparison Statistics

Nationwide, 60,482 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $9,373,583,135.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 11 employees, 92% lower than Hurst, Inc.'s reported 140 employees, and received an average PPP loan of $154,981, 94% lower than this company's loan of $2.73M.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/hurst-inc-belmont-mi