PPP Loan Data — Hurst, Inc., Belmont, MI
Entity: Subchapter S Corporation
Location: Belmont, MITweet This • Search All PPP Data
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
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.
Business Information - Hurst, Inc. in Belmont, MI
5800 Safety Dr
Belmont, MI 49306
Plumbing, Heating, and Air-Conditioning Contractors (NAICS code 238220)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional 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).
Similar Nearby Businesses Who Received PPP Funding:
Stratz Heating & Cooling Inc
Big Rapids, MI
Fullmer And Sons Heating And Air Conditioning
Big Rapids, MI
Paul Gravelyn DBA Gravelyn Mechanical
Simple Heating And Air LLC
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.
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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