PPP Loan Data — Red Cedar Steel Southwest, Inc, Phoenix, AZ
Red Cedar Steel Southwest, Inc is a corporation located at 1540 W. Hatcher Road in Phoenix, Arizona that received a Coronavirus-related PPP loan from the SBA of $1,930,450.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bremer Bank, National Association
Red Cedar Steel Southwest, Inc in Phoenix, AZ received a Paycheck Protection Loan of $1.93M through Bremer Bank, National Association, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 93. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Red Cedar Steel Southwest, Inc's 2019 payroll expenses are estimated to be at least $9.27M (not accounting for salary amounts > $100k).
Because the 71 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Red Cedar Steel Southwest, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,930,450
Business Information - Red Cedar Steel Southwest, Inc in Phoenix, AZ
1540 W. Hatcher Road
Phoenix, AZ 85021
Structural Steel and Precast Concrete Contractors
NAICS code 238120
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Phoenix
In the Phoenix area, 3 businesses in the "Structural Steel and Precast Concrete Contractors" industry received a PPP loan. These local businesses reported an average of 37 employees (compared to this company's 71) and received an average PPP loan of $791,817 (compared to this company's $1.93M).
Similar Nearby Businesses Who Received PPP Funding:
DJB Enterprises LTD
Industry PPP Comparison Statistics
Nationwide, 3,902 businesses in the "Structural Steel and Precast Concrete Contractors" industry received a total of $1.02B 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, 72% lower than Red Cedar Steel Southwest, Inc's reported 71 employees, and received an average PPP loan of $260,319, 87% lower than this company's loan of $1.93M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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