PPP Loan Data — Lee Spring Company LLC, Brooklyn, NY
Lee Spring Company LLC
Entity: Limited Liability Company (LLC)
Location: Brooklyn, NYTweet This • Search All PPP Data
Lee Spring Company LLC is a limited liability company (LLC) located at 140 58th St 3c in Brooklyn, New York that received a Coronavirus-related PPP loan from the SBA of $2,563,500.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:LendingClub Bank, National Association
Lee Spring Company LLC in Brooklyn, NY received a Paycheck Protection Loan of $2.56M through LendingClub Bank, National Association, which was approved in April, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based on the standard PPP eligibility formula, it may be possible to estimate the payroll expenses represented by a company on their PPP application (see details above). In order to qualify for the PPP loan amount received, Lee Spring Company LLC's 2019 payroll expenses are estimated to be at least $12.3M.
Based on their reported 181 jobs retained, this equals an estimated average yearly compensation of $67,982 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lee Spring Company LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,563,500
Business Information - Lee Spring Company LLC in Brooklyn, NY
140 58th St 3c
Brooklyn, NY 11220
Metal Service Centers and Other Metal Merchant Wholesalers
NAICS code 423510
Business Owner Demographics
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Brooklyn
In the Brooklyn area, 2 businesses in the "Metal Service Centers and Other Metal Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 92 employees (compared to this company's 181) and received an average PPP loan of $1,284,150 (compared to this company's $2.56M).
Similar Nearby Businesses Who Received PPP Funding:
YUE Jiang Steel Inc
Industry PPP Comparison Statistics
Nationwide, 4,182 businesses in the "Metal Service Centers and Other Metal Merchant Wholesalers" industry received a total of $967.29M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 19 employees, 90% lower than Lee Spring Company LLC's reported 181 employees, and received an average PPP loan of $231,298, 91% lower than this company's loan of $2.56M.
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Footnotes & Information
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