PPP Loan Data — Precision Defense Services, Inc, Irwin, PA
Precision Defense Services, Inc is a corporation located at 1 Quality Way in Irwin, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,360,900.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least 109 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First National Bank of Pennsylvania
Precision Defense Services, Inc in Irwin, PA received a Paycheck Protection Loan of $2.36M through First National Bank of Pennsylvania, 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 109 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 113. 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
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, Precision Defense Services, Inc's 2019 payroll expenses are estimated to be at least $11.33M (not accounting for salary amounts > $100k).
Because the 109 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, Precision Defense Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,360,900
Business Information - Precision Defense Services, Inc in Irwin, PA
1 Quality Way
Irwin, PA 15642
NAICS code 332710
Business Owner Demographics
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Irwin
In the Irwin area, 14 businesses in the "Machine Shops" industry received a PPP loan. These local businesses reported an average of 25 employees (compared to this company's 109) and received an average PPP loan of $377,500 (compared to this company's $2.36M).
Similar Nearby Businesses Who Received PPP Funding:
General Weldments, Inc
Data Machine LLC
Astley Precision Machine Company Inc
Performance Machining Inc
Kress Manufacturing Inc
North Huntingdon, PA
Painter Tool, Inc
Industry PPP Comparison Statistics
Nationwide, 16,572 businesses in the "Machine Shops" industry received a total of $2.92B 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 15 employees, 86% lower than Precision Defense Services, Inc's reported 109 employees, and received an average PPP loan of $176,279, 93% lower than this company's loan of $2.36M.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!