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

PPP Loan Data — Maspeth Welding Inc, Maspeth, NY

ALERT: There are 2 PPP loans for a total of $4.26M in our database for businesses with the name "Maspeth Welding Inc" in Maspeth, NY. 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 Maspeth Welding Inc
NY

Maspeth Welding Inc

Entity: Corporation

Industry: Sheet Metal Work Manufacturing

Location: Maspeth, NY

Search All PPP Data

Maspeth Welding Inc is a corporation located at 5930 54th St in Maspeth, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

$ PPP Loan Information
Loan #7719668308

Loan Size:

$2M

Jobs Retained:

128

Loan Approved:

2021-01-28

Loan Status:

Ongoing Loan

Lender:

Valley National Bank

Maspeth Welding Inc in Maspeth, NY received a Paycheck Protection Loan of $2M through Valley National Bank, which was approved in January, 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, Maspeth Welding Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 128 jobs retained, this equals an estimated average yearly compensation of $75,000 per employee1

Reported PPP Proceed Usage:

On the PPP application, Maspeth Welding Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,996
  • Utilities: $1
Because the loan received by Maspeth Welding Inc 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 - Maspeth Welding Inc in Maspeth, NY

Maspeth Welding Inc
5930 54th St
Maspeth, NY 11378

Business Industry:
Sheet Metal Work Manufacturing
NAICS code 332322

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

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

Similar Companies near Maspeth

In the Maspeth area, 10 businesses in the "Sheet Metal Work Manufacturing" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 128) and received an average PPP loan of $960,094 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 4,304 businesses in the "Sheet Metal Work Manufacturing" industry received a total of $1.16B 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 23 employees, 82% lower than Maspeth Welding Inc's reported 128 employees, and received an average PPP loan of $268,414, 87% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Maspeth Welding, Inc
NY

Maspeth Welding, Inc

Entity: Corporation

Industry: Sheet Metal Work Manufacturing

Location: Maspeth, NY

Search All PPP Data

Maspeth Welding, Inc is a corporation located at 59-30 54th Street in Maspeth, New York that received a Coronavirus-related PPP loan from the SBA of $2,255,507.00 in April, 2020.

$ PPP Loan Information
Loan #1001577106

Loan Size:

$2.26M

Jobs Retained:

128

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

Valley National Bank

Maspeth Welding, Inc in Maspeth, NY received a Paycheck Protection Loan of $2.26M through Valley National 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, Maspeth Welding, Inc's 2019 payroll expenses are estimated to be at least $10.83M.

Based on their reported 128 jobs retained, this equals an estimated average yearly compensation of $84,582 per employee1

Reported PPP Proceed Usage:

On the PPP application, Maspeth Welding, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,255,507
Because the loan received by Maspeth Welding, Inc 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 - Maspeth Welding, Inc in Maspeth, NY

Maspeth Welding, Inc
59-30 54th Street
Maspeth, NY 11378

Business Industry:
Sheet Metal Work Manufacturing
NAICS code 332322

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

Queens County, NY — SBA Office 0202 — Congressional District: NY-12

Similar Companies near Maspeth

In the Maspeth area, 10 businesses in the "Sheet Metal Work Manufacturing" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 128) and received an average PPP loan of $960,094 (compared to this company's $2.26M).

Industry PPP Comparison Statistics

Nationwide, 4,304 businesses in the "Sheet Metal Work Manufacturing" industry received a total of $1.16B 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 23 employees, 82% lower than Maspeth Welding, Inc's reported 128 employees, and received an average PPP loan of $268,414, 88% lower than this company's loan of $2.26M.

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/maspeth-welding-inc-maspeth-ny