PPP Loan Data — Machine Specialties, Inc., Whitsett, NC
Machine Specialties, Inc. is a corporation located at 6511 Franz Warner Parkway in Whitsett, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,185,200.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 233 people during the applicable loan loan period.
$ PPP Loan Information
Lender:FIRST NATIONAL BANK OF PENNSYLVANIA
Machine Specialties, Inc. in Whitsett, NC received a Paycheck Protection Loan of $3.19M through FIRST NATIONAL BANK OF PENNSYLVANIA, which was approved in April, 2020.
Based on standard PPP eligibility rules, Machine Specialties, Inc.'s total 2019 payroll expenses were approximately $15.29M in order to qualify for the PPP loan amount received.
Based on their reported 233 jobs retained, this equals an estimated average yearly compensation of $65,618 per employee1.
Business Information - Machine Specialties, Inc. in Whitsett, NC
6511 Franz Warner Parkway
Whitsett, NC 27377
Fabricated Structural Metal Manufacturing (NAICS code 332312)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: NC-06
Industry PPP Comparison Statistics
Nationwide, 3,076 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $957,416,230.00 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 23 employees, 90% lower than Machine Specialties, Inc.'s reported 233 employees, and received an average PPP loan of $311,254, 90% lower than this company's loan of $3.19M.
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.
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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