PPP Loan Data — Michigan Spring & Stamping LLC, Muskegon, MI
Michigan Spring & Stamping LLC is a limited liability company (LLC) located at 2700 Wickham Dr in Muskegon, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,690,460.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Mercantile Bank of Michigan
Michigan Spring & Stamping LLC in Muskegon, MI received a Paycheck Protection Loan of $1.69M through Mercantile Bank of Michigan, which was approved in January, 2021.
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, Michigan Spring & Stamping LLC's 2019 payroll expenses are estimated to be at least $8.11M.
Based on their reported 133 jobs retained, this equals an estimated average yearly compensation of $61,009 per employee1
Reported PPP Proceed Usage:
On the PPP application, Michigan Spring & Stamping LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,690,458
- Utilities: $1
Business Information - Michigan Spring & Stamping LLC in Muskegon, MI
2700 Wickham Dr
Muskegon, MI 49441
NAICS code 332613
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Muskegon
In the Muskegon area, 3 businesses in the "Spring Manufacturing" industry received a PPP loan. These local businesses reported an average of 139 employees (compared to this company's 133) and received an average PPP loan of $1,701,673 (compared to this company's $1.69M).
Similar Nearby Businesses Who Received PPP Funding:
Scherdel Sales & Technology, Inc
Michigan Spring & Stamping Of Muskegon LLC
Industry PPP Comparison Statistics
Nationwide, 319 businesses in the "Spring Manufacturing" industry received a total of $137.42M 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 37 employees, 72% lower than Michigan Spring & Stamping LLC's reported 133 employees, and received an average PPP loan of $430,774, 75% lower than this company's loan of $1.69M.
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Footnotes & Information
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