Priority Plastics in Portland, IN - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Priority Plastics, Portland, IN

Priority Plastics

Entity: Corporation

Industry: Plastics Material and Resin Manufacturing

Location: Portland, IN

Priority Plastics is a corporation located at 500 Industrial Park Drive in Portland, Indiana that received a Coronavirus-related PPP loan from the SBA of $2,726,118.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 256 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5718937004

Loan Size:

$2.73M

Jobs Retained:

256

Loan Approved:

2020-04-06

Loan Status:

Ongoing Loan

Lender:

First Bank

Priority Plastics in Portland, IN received a Paycheck Protection Loan of $2.73M through First Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Priority Plastics' 2019 payroll expenses are estimated to be at least $13.09M.

Based on their reported 256 jobs retained, this equals an estimated average yearly compensation of $51,115 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Priority Plastics reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $2,180,893
Utilities: $351,953
Mortgage Interest: $62,956
Rent: $130,316

Because the loan received by Priority Plastics 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 - Priority Plastics in Portland, IN

Priority Plastics
500 Industrial Park Drive
Portland, IN 47371

Business Industry:
Plastics Material and Resin Manufacturing
NAICS code 325211

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Jay County, IN — SBA Office 0562 — Congressional District: IN-03

Industry PPP Comparison Statistics

Nationwide, 1,268 businesses in the "Plastics Material and Resin Manufacturing" industry received a total of $404M 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 29 employees, 89% lower than Priority Plastics' reported 256 employees, and received an average PPP loan of $318,614, 88% lower than this company's loan of $2.73M.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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