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PPP Loan Data — Industrial Fabricators, Inc., Gastonia, NC

SBA PPP loan data, payroll data, and salaries for Industrial Fabricators, Inc.
NC

Industrial Fabricators, Inc.

Entity: Corporation

Industry: Motor Vehicle Metal Stamping

Location: Gastonia, NC

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Industrial Fabricators, Inc. is a corporation located at 0 Po Box 12885 in Gastonia, North Carolina that received a Coronavirus-related PPP loan from the SBA of $4,635,125.00 in May, 2020.

The company has reported itself as a White owned business, and employed at least 500 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$4.64M

Jobs Retained:

500

Loan Approved:

2020-05-06

Lender:

ALLIANCE BANK & TRUST COMPANY

Industrial Fabricators, Inc. received a Paycheck Protection Loan of $4.64M through ALLIANCE BANK & TRUST COMPANY, which was approved in May, 2020.

Based on standard PPP eligibility rules, Industrial Fabricators, Inc.'s total 2019 payroll expenses were approximately $22.25M in order to qualify for the PPP loan amount received.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $44,497 per employee1.

Because the loan received by Industrial Fabricators, 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 - Industrial Fabricators, Inc. in Gastonia, NC

Industrial Fabricators, Inc.
0 Po Box 12885
Gastonia, NC 28052

Business Industry

Motor Vehicle Metal Stamping (NAICS code 336370)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: Unreported

Veteran Status: Unreported

Congressional District: NC-10

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, 85% lower than Industrial Fabricators, Inc.'s reported 500 employees, and received an average PPP loan of $1.08M, 77% lower than this company's loan of $4.64M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/industrial-fabricators-inc-gastonia-nc