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

PPP Loan Data — Olson And Co. Steel, San Leandro, CA

ALERT: There are 2 PPP loans for a total of $8.4M in our database for businesses with the name "Olson And Co. Steel" in San Leandro, CA. 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 Olson And Co. Steel
CA

Olson And Co. Steel

Entity: Corporation

Industry: Structural Steel and Precast Concrete Contractors

Location: San Leandro, CA

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Olson And Co. Steel is a corporation located at 1941 Davis St in San Leandro, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

The company has reported itself as a White male owned business, and employed at least 193 people during the applicable loan loan period.

$ PPP Loan Information Loan #1475188410

Loan Size:

$2M
PPP Funds Undisbursed

Jobs Retained:

193

Loan Approved:

2021-02-02

Loan Status:

Active Un-Disbursed

Lender:

River City Bank

Olson And Co. Steel in San Leandro, CA received a Paycheck Protection Loan of $2M through River City Bank, which was approved in February, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $2M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in February, 2021.

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, Olson And Co. Steel's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 193 jobs retained, this equals an estimated average yearly compensation of $49,741 per employee1

Reported PPP Proceed Usage:

On the PPP application, Olson And Co. Steel reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,997
  • Utilities: $1
Because the loan received by Olson And Co. Steel 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 - Olson And Co. Steel in San Leandro, CA

Olson And Co. Steel
1941 Davis St
San Leandro, CA 94577

Business Industry:
Structural Steel and Precast Concrete Contractors
NAICS code 238120

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Alameda County, CA — SBA Office 0912 — Congressional District: CA-13

Industry PPP Comparison Statistics

Nationwide, 3,364 businesses in the "Structural Steel and Precast Concrete Contractors" industry received a total of $969,574,414.00 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 22 employees, 89% lower than Olson And Co. Steel's reported 193 employees, and received an average PPP loan of $288,221, 86% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Olson And Co. Steel
CA

Olson And Co. Steel

Entity: Corporation

Industry: Fabricated Structural Metal Manufacturing

Location: San Leandro, CA

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Olson And Co. Steel is a corporation located at 1941 Davis Street in San Leandro, California that received a Coronavirus-related PPP loan from the SBA of $6,404,965.00 in April, 2020.

$ PPP Loan Information Loan #5276757109

Loan Size:

$6.4M
Likely Employment Reduction3

Jobs Retained:

257

Loan Approved:

2020-04-13

Loan Status:

Ongoing Loan

Lender:

River City Bank

Olson And Co. Steel in San Leandro, CA received a Paycheck Protection Loan of $6.4M through River City 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.

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 257 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.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 307. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, Olson And Co. Steel's 2019 payroll expenses are estimated to be at least $30.74M (not accounting for salary amounts > $100k).

Because the 257 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Olson And Co. Steel reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $6,404,965
Because the loan received by Olson And Co. Steel 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 - Olson And Co. Steel in San Leandro, CA

Olson And Co. Steel
1941 Davis Street
San Leandro, CA 94577

Business Industry:
Fabricated Structural Metal Manufacturing
NAICS code 332312

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

Alameda County, CA — SBA Office 0912 — Congressional District: CA-13

Industry PPP Comparison Statistics

Nationwide, 4,818 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $1,377,317,674.00 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 25 employees, 90% lower than Olson And Co. Steel's reported 257 employees, and received an average PPP loan of $285,869, 96% lower than this company's loan of $6.4M.

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.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/olson-and-co-steel-san-leandro-ca