PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Prestolite Electric Incorporated, Novi, MI

SBA PPP loan data, payroll data, and salaries for Prestolite Electric Incorporated
MI

Prestolite Electric Incorporated

Entity: Corporation

Industry: Motor Vehicle Electrical and Electronic Equipment Manufacturing

Location: Novi, MI

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Prestolite Electric Incorporated is a corporation located at 30120 Hudson Drive in Novi, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,939,857.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.94M

Jobs Retained:

0 Unreported

Loan Approved:

2020-04-28

Lender:

KEYBANK NATIONAL ASSOCIATION

Prestolite Electric Incorporated in Novi, MI received a Paycheck Protection Loan of $2.94M through KEYBANK NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Prestolite Electric Incorporated's total 2019 payroll expenses were approximately $14.11M in order to qualify for the PPP loan amount received.

Unlike most businesses, Prestolite Electric Incorporated's PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.

Because the loan received by Prestolite Electric Incorporated 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 - Prestolite Electric Incorporated in Novi, MI

Prestolite Electric Incorporated
30120 Hudson Drive
Novi, MI 48377

Business Industry

Motor Vehicle Electrical and Electronic Equipment Manufacturing (NAICS code 336320)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-11

Industry PPP Comparison Statistics

Nationwide, 276 businesses in the "Motor Vehicle Electrical and Electronic Equipment Manufacturing" industry received a total of $96,271,285.00 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 27 employees, and received an average PPP loan of $348,809, 88% lower than this company's loan of $2.94M.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/prestolite-electric-incorporated-novi-mi