PPP Loan Data — National Nail Corp., Wyoming, MI
National Nail Corp. is a subchapter s corporation located at 2964 Clydon Ave Sw in Wyoming, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,694,000.00 in April, 2020.
$ PPP Loan Information
Lender:CIBC BANK USA
National Nail Corp. received a Paycheck Protection Loan of $2.69M through CIBC BANK USA, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 127 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 129.
Based on standard PPP eligibility rules, National Nail Corp.'s total 2019 payroll expenses were approximately $12.93M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 127 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - National Nail Corp. in Wyoming, MI
2964 Clydon Ave Sw
Wyoming, MI 49519
Hardware Merchant Wholesalers (NAICS code 423710)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: MI-02
Industry PPP Comparison Statistics
Nationwide, 2,045 businesses in the "Hardware Merchant Wholesalers" industry received a total of $397,496,067.00 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, 88% lower than National Nail Corp.'s reported 127 employees, and received an average PPP loan of $194,375, 93% lower than this company's loan of $2.69M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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