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PPP Loan Data — Lowery Corp, Grand Rapids, MI

SBA PPP loan data, payroll data, and salaries for Lowery Corp
MI

Lowery Corp

Entity: Subchapter S Corporation

Industry: Office Equipment Merchant Wholesalers

Location: Grand Rapids, MI

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Lowery Corp is a subchapter s corporation located at 5555 Glenwood Hills Pkwy Se in Grand Rapids, Michigan that received a Coronavirus-related PPP loan from the SBA of $6,167,800.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$6.17M

Jobs Retained:

407

Loan Approved:

2020-04-13

Lender:

PNC BANK, NATIONAL ASSOCIATION

Lowery Corp in Grand Rapids, MI received a Paycheck Protection Loan of $6.17M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Lowery Corp's total 2019 payroll expenses were approximately $29.61M in order to qualify for the PPP loan amount received.

Based on their reported 407 jobs retained, this equals an estimated average yearly compensation of $72,741 per employee1.

Because the loan received by Lowery Corp 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 - Lowery Corp in Grand Rapids, MI

Lowery Corp
5555 Glenwood Hills Pkwy Se
Grand Rapids, MI 49512

Business Industry

Office Equipment Merchant Wholesalers (NAICS code 423420)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-03

Similar Companies near Grand Rapids

In the Grand Rapids area, 4 businesses in the "Office Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 123 employees (compared to this company's 407) and received an average PPP loan of $1,837,584 (compared to this company's $6.17M).

Industry PPP Comparison Statistics

Nationwide, 1,297 businesses in the "Office Equipment Merchant Wholesalers" industry received a total of $267,348,840.00 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 15 employees, 96% lower than Lowery Corp's reported 407 employees, and received an average PPP loan of $206,129, 97% lower than this company's loan of $6.17M.

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, 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/lowery-corp-grand-rapids-mi