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PPP Loan Data — Precision Fabrics Group, Inc, Greensboro, NC

SBA PPP loan data, payroll data, and salaries for Precision Fabrics Group, Inc
NC

Precision Fabrics Group, Inc

Entity: Corporation

Industry: Textile and Fabric Finishing Mills

Location: Greensboro, NC

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Precision Fabrics Group, Inc is a corporation located at 301 N Elm St in Greensboro, North Carolina that received a Coronavirus-related PPP loan from the SBA of $6,804,100.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$6.8M

Jobs Retained:

500

Loan Approved:

2020-04-12

Lender:

PINNACLE BANK

Precision Fabrics Group, Inc in Greensboro, NC received a Paycheck Protection Loan of $6.8M through PINNACLE BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Precision Fabrics Group, Inc's total 2019 payroll expenses were approximately $32.66M in order to qualify for the PPP loan amount received.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $65,319 per employee1.

Because the loan received by Precision Fabrics Group, 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 - Precision Fabrics Group, Inc in Greensboro, NC

Precision Fabrics Group, Inc
301 N Elm St
Greensboro, NC 27401

Business Industry

Textile and Fabric Finishing Mills (NAICS code 313310)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NC-13

Industry PPP Comparison Statistics

Nationwide, 820 businesses in the "Textile and Fabric Finishing Mills" industry received a total of $145,355,062.00 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, 97% lower than Precision Fabrics Group, Inc's reported 500 employees, and received an average PPP loan of $177,262, 97% lower than this company's loan of $6.8M.

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, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. 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/precision-fabrics-group-inc-greensboro-nc