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PPP Loan Data — Schmid Thermal Systems, Inc, Watsonville, CA

SBA PPP loan data, payroll data, and salaries for Schmid Thermal Systems, Inc
CA

Schmid Thermal Systems, Inc

Entity: Corporation

Industry: Industrial Process Furnace and Oven Manufacturing

Location: Watsonville, CA

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Schmid Thermal Systems, Inc is a corporation located at 200 Westridge Dr in Watsonville, California that received a Coronavirus-related PPP loan from the SBA of $1,331,130.00 in April, 2020.

$ PPP Loan Information Loan #1548727205

Loan Size:

$1.33M

Jobs Retained:

85

Loan Approved:

2020-04-15

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Schmid Thermal Systems, Inc in Watsonville, CA received a Paycheck Protection Loan of $1.33M through Bank of America, National Association, 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.

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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.

Read More

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, Schmid Thermal Systems, Inc's 2019 payroll expenses are estimated to be at least $6.39M.

Based on their reported 85 jobs retained, this equals an estimated average yearly compensation of $75,170 per employee1

Reported PPP Proceed Usage:

On the PPP application, Schmid Thermal Systems, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,331,130

Business Information - Schmid Thermal Systems, Inc in Watsonville, CA

Schmid Thermal Systems, Inc
200 Westridge Dr
Watsonville, CA 95076

Business Industry:
Industrial Process Furnace and Oven Manufacturing
NAICS code 333994

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Santa Cruz County, CA — SBA Office 0912 — Congressional District: CA-20

Industry PPP Comparison Statistics

Nationwide, 277 businesses in the "Industrial Process Furnace and Oven Manufacturing" industry received a total of $93,102,428.00 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 24 employees, 72% lower than Schmid Thermal Systems, Inc's reported 85 employees, and received an average PPP loan of $336,110, 75% lower than this company's loan of $1.33M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/schmid-thermal-systems-inc-watsonville-ca