PPP Loan Data — Lenex Steel Company, Indianapolis, IN
Lenex Steel Company is a limited liability company (LLC) located at 450 E 96th St, Ste 100 in Indianapolis, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,361,800.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Old National Bank
Lenex Steel Company in Indianapolis, IN received a Paycheck Protection Loan of $2.36M through Old National Bank, 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, Lenex Steel Company's 2019 payroll expenses are estimated to be at least $11.34M.
Based on their reported 193 jobs retained, this equals an estimated average yearly compensation of $58,739 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lenex Steel Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,361,800
Business Information - Lenex Steel Company in Indianapolis, IN
450 E 96th St, Ste 100
Indianapolis, IN 46240
Fabricated Structural Metal Manufacturing
NAICS code 332312
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Indianapolis
In the Indianapolis area, 3 businesses in the "Fabricated Structural Metal Manufacturing" industry received a PPP loan. These local businesses reported an average of 89 employees (compared to this company's 193) and received an average PPP loan of $1,131,708 (compared to this company's $2.36M).
Similar Nearby Businesses Who Received PPP Funding:
Indiana Steel Fabricating Inc
Steel Services Fabrication Division LLC
Industry PPP Comparison Statistics
Nationwide, 5,157 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $1.41B 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 24 employees, 88% lower than Lenex Steel Company's reported 193 employees, and received an average PPP loan of $273,385, 88% lower than this company's loan of $2.36M.
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Footnotes & Information
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