PPP Loan Data — Precision Products, Inc, Los Angeles, CA
Precision Products, Inc is a corporation located at 10474 Santa Monica Blvd Suite 400 in Los Angeles, California that received a Coronavirus-related PPP loan from the SBA of $1,623,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:CIBC Bank USA
Precision Products, Inc in Los Angeles, CA received a Paycheck Protection Loan of $1.62M through CIBC Bank USA, which was approved in April, 2020.
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 Products, Inc's 2019 payroll expenses are estimated to be at least $7.79M.
Based on their reported 196 jobs retained, this equals an estimated average yearly compensation of $39,747 per employee1
Reported PPP Proceed Usage:
On the PPP application, Precision Products, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,623,000
Business Information - Precision Products, Inc in Los Angeles, CA
10474 Santa Monica Blvd Suite 400
Los Angeles, CA 90025
NAICS code 332510
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Los Angeles
In the Los Angeles area, 2 businesses in the "Hardware Manufacturing" industry received a PPP loan. These local businesses reported an average of 111 employees (compared to this company's 196) and received an average PPP loan of $962,950 (compared to this company's $1.62M).
Similar Nearby Businesses Who Received PPP Funding:
Los Angeles, CA
Industry PPP Comparison Statistics
Nationwide, 1,100 businesses in the "Hardware Manufacturing" industry received a total of $239.47M 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 20 employees, 90% lower than Precision Products, Inc's reported 196 employees, and received an average PPP loan of $217,703, 87% lower than this company's loan of $1.62M.
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Footnotes & Information
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