PPP Loan Data — Prestige Stamping, LLC, Warren, MI
Prestige Stamping, LLC is a partnership located at 23513 Groesbeck Hwy in Warren, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,737,525.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Mercantile Bank of Michigan
Prestige Stamping, LLC in Warren, MI received a Paycheck Protection Loan of $1.74M through Mercantile Bank of Michigan, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in January, 2021.
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, Prestige Stamping, LLC's 2019 payroll expenses are estimated to be at least $8.34M.
Based on their reported 134 jobs retained, this equals an estimated average yearly compensation of $62,240 per employee1
Reported PPP Proceed Usage:
On the PPP application, Prestige Stamping, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,355,525
- Utilities: $50,000
- Rent: $32,000
- Debt Interest: $300,000
Business Information - Prestige Stamping, LLC in Warren, MI
23513 Groesbeck Hwy
Warren, MI 48089
Bolt, Nut, Screw, Rivet, and Washer Manufacturing
NAICS code 332722
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Warren
In the Warren area, 3 businesses in the "Bolt, Nut, Screw, Rivet, and Washer Manufacturing" industry received a PPP loan. These local businesses reported an average of 101 employees (compared to this company's 134) and received an average PPP loan of $1,268,494 (compared to this company's $1.74M).
Similar Nearby Businesses Who Received PPP Funding:
Bauer Precision Tool Co
Warren Screw Products Inc
Industry PPP Comparison Statistics
Nationwide, 762 businesses in the "Bolt, Nut, Screw, Rivet, and Washer Manufacturing" industry received a total of $280.02M 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 31 employees, 77% lower than Prestige Stamping, LLC's reported 134 employees, and received an average PPP loan of $367,481, 79% lower than this company's loan of $1.74M.
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Footnotes & Information
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