Precision Metals Group LLC in Mentor, OH - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Precision Metals Group LLC, Mentor, OH

Precision Metals Group LLC

Entity: Limited Liability Company (LLC)

Industry: Saw Blade and Handtool Manufacturing

Location: Mentor, OH

Precision Metals Group LLC is a limited liability company (LLC) located at 8687 Tyler Blvd in Mentor, Ohio that received a Coronavirus-related PPP loan from the SBA of $3,710,072.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.71M

Jobs Retained:

311

Loan Approved:

2020-04-30

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

Precision Metals Group LLC received a Paycheck Protection Loan of $3.71M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Precision Metals Group LLC's total 2019 payroll expenses were approximately $17.81M in order to qualify for the PPP loan amount received.

Based on their reported 311 jobs retained, this equals an estimated average yearly compensation of $57,262 per employee¹.

Because the loan received by Precision Metals Group LLC 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 Metals Group LLC in Mentor, OH

Precision Metals Group LLC
8687 Tyler Blvd
Mentor, OH 44060

Business Industry

Saw Blade and Handtool Manufacturing (NAICS code 332216)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: OH-14

Industry PPP Comparison Statistics

Nationwide, 544 businesses in the "Saw Blade and Handtool Manufacturing" industry received a total of $114,805,142.00 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 17 employees, 95% lower than Precision Metals Group LLC's reported 311 employees, and received an average PPP loan of $211,039, 94% lower than this company's loan of $3.71M.

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.

Search FederalPay's Full PPP Loan Database

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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