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PPP Loan Data — Lee Spring Company LLC, Brooklyn, NY

SBA PPP loan data, payroll data, and salaries for Lee Spring Company LLC
NY

Lee Spring Company LLC

Entity: Limited Liability Company (LLC)

Industry: Metal Service Centers and Other Metal Merchant Wholesalers

Location: Brooklyn, NY

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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 #9531517005

Loan Size:

$2.56M

Jobs Retained:

181

Loan Approved:

2020-04-09

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.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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
Because the loan received by Lee Spring Company LLC 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 - Lee Spring Company LLC in Brooklyn, NY

Lee Spring Company LLC
140 58th St 3c
Brooklyn, NY 11220

Business Industry:
Metal Service Centers and Other Metal Merchant Wholesalers
NAICS code 423510

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Kings County, NY — SBA Office 0202 — Congressional District: NY-07

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
Brooklyn, NY

$4,800 PPP Loan

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.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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/lee-spring-company-llc-brooklyn-ny