PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Light Metals Corporation, Wyoming, MI

ALERT: There are 2 PPP loans for a total of $4.24M in our database for businesses with the name "Light Metals Corporation" in Wyoming, MI. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Light Metals Corporation
MI

Light Metals Corporation

Entity: Corporation

Industry: All Other Miscellaneous Fabricated Metal Product Manufacturing

Location: Wyoming, MI

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Light Metals Corporation is a corporation located at 2740 Prairie St Sw in Wyoming, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

$ PPP Loan Information
Loan #1662388406

Loan Size:

$2M

Jobs Retained:

202

Loan Approved:

2021-02-02

Loan Status:

Ongoing Loan

Lender:

West Michigan Community Bank

Light Metals Corporation in Wyoming, MI received a Paycheck Protection Loan of $2M through West Michigan Community Bank, which was approved in February, 2021.

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, Light Metals Corporation's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 202 jobs retained, this equals an estimated average yearly compensation of $47,525 per employee1

Reported PPP Proceed Usage:

On the PPP application, Light Metals Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,999
  • Utilities: $1
Because the loan received by Light Metals Corporation 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 - Light Metals Corporation in Wyoming, MI

Light Metals Corporation
2740 Prairie St Sw
Wyoming, MI 49519

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Kent County, MI — SBA Office 0515 — Congressional District: MI-02

Similar Companies near Wyoming

In the Wyoming area, 2 businesses in the "All Other Miscellaneous Fabricated Metal Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 123 employees (compared to this company's 202) and received an average PPP loan of $1,384,691 (compared to this company's $2M).

Similar Nearby Businesses Who Received PPP Funding:

Xibitz, Inc
Wyoming, MI

$769,382 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 7,691 businesses in the "All Other Miscellaneous Fabricated Metal Product Manufacturing" industry received a total of $1.9B 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 22 employees, 89% lower than Light Metals Corporation's reported 202 employees, and received an average PPP loan of $246,506, 88% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Light Metals Corporation
MI

Light Metals Corporation

Entity: Corporation

Industry: Other Aluminum Rolling, Drawing, and Extruding

Location: Wyoming, MI

Search All PPP Data

Light Metals Corporation is a corporation located at 2740 Prairie St in Wyoming, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,237,600.00 in April, 2020.

$ PPP Loan Information
Loan #5932907105

Loan Size:

$2.24M

Jobs Retained:

195

Loan Approved:

2020-04-14

Loan Status:

Ongoing Loan

Lender:

West Michigan Community Bank

Light Metals Corporation in Wyoming, MI received a Paycheck Protection Loan of $2.24M through West Michigan Community Bank, 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, Light Metals Corporation's 2019 payroll expenses are estimated to be at least $10.74M.

Based on their reported 195 jobs retained, this equals an estimated average yearly compensation of $55,079 per employee1

Reported PPP Proceed Usage:

On the PPP application, Light Metals Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,237,600
Because the loan received by Light Metals Corporation 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 - Light Metals Corporation in Wyoming, MI

Light Metals Corporation
2740 Prairie St
Wyoming, MI 49519

Business Industry:
Other Aluminum Rolling, Drawing, and Extruding
NAICS code 331318

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Kent County, MI — SBA Office 0515 — Congressional District: MI-02

Industry PPP Comparison Statistics

Nationwide, 191 businesses in the "Other Aluminum Rolling, Drawing, and Extruding" industry received a total of $105.32M 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 52 employees, 73% lower than Light Metals Corporation's reported 195 employees, and received an average PPP loan of $551,400, 75% lower than this company's loan of $2.24M.

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/light-metals-corporation-wyoming-mi