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PPP Loan Data — Progressive Machinery,
Charlotte, NC
Progressive Machinery
Entity: Corporation
Industry: Industrial Machinery and Equipment Merchant Wholesalers
Location: Charlotte, NC
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Progressive Machinery is a corporation located at 4607 Dwight Evans Rd in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $17,500.00 in July, 2020.
The company has reported itself as a White male owned business, and employed at least two people during the applicable loan loan period.
$
PPP Loan Information
Loan #7364178107
Loan Size:
Jobs Retained:
2Loan Approved:
2020-07-23Loan Status:
Paid in Full or ForgivenLender:
Wells Fargo Bank, National AssociationProgressive Machinery in Charlotte, NC received a Paycheck Protection Loan of $17,500 through Wells Fargo Bank, National Association, which was approved in July, 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 November, 2021.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, Progressive Machinery's 2019 payroll expenses are estimated to be at least $84,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $42,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Progressive Machinery reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $17,500
Business Information - Progressive Machinery in Charlotte, NC
4607 Dwight Evans Rd
Charlotte, NC 28217
Business Industry:
Industrial Machinery and Equipment Merchant Wholesalers
NAICS code 423830
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Progressive Machinery.
Progressive Machinery Inc
Industrial Machinery and Equipment Merchant Wholesalers
Steinemann Technology USA Inc
Industrial Machinery and Equipment Merchant Wholesalers
Similar Companies near Charlotte
In the Charlotte area, 17 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 24 employees (compared to this company's 2) and received an average PPP loan of $397,653 (compared to this company's $17,500).
Similar Nearby Businesses Who Received PPP Funding:
Progressive Machinery Inc
Charlotte, NC
Danbartex LLC
Charlotte, NC
SPM Textiles USA Inc
Charlotte, NC
DMA Inc
Charlotte, NC
The Perkinson Company
Charlotte, NC
Thortsen Magnetics Co
Charlotte, NC
A2Z Cash & Carry Inc
Charlotte, NC
G & W Equipment Inc
Charlotte, NC
Industry PPP Comparison Statistics
Nationwide, 11,033 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $2.24B 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 15 employees, 650% higher than Progressive Machinery's reported 2 employees, and received an average PPP loan of $203,255, 1061% higher than this company's loan of $17,500.
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.
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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