PPP Loan Data — Schmitz Ready Mix, Inc, Milwaukee, WI
Schmitz Ready Mix, Inc is a subchapter s corporation located at 5400 North 124th Street in Milwaukee, Wisconsin that received a Coronavirus-related PPP loan from the SBA of $1,941,300.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 77 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank First, N.A.
Schmitz Ready Mix, Inc in Milwaukee, WI received a Paycheck Protection Loan of $1.94M through Bank First, N.A., 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, Schmitz Ready Mix, Inc's 2019 payroll expenses are estimated to be at least $9.32M (not accounting for salary amounts > $100k).
Because the 77 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, Schmitz Ready Mix, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,809,300
- Utilities: $52,000
- Mortgage Interest: $80,000
Business Information - Schmitz Ready Mix, Inc in Milwaukee, WI
5400 North 124th Street
Milwaukee, WI 53225
Ready-Mix Concrete Manufacturing
NAICS code 327320
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Milwaukee
In the Milwaukee area, 2 businesses in the "Ready-Mix Concrete Manufacturing" industry received a PPP loan. These local businesses reported an average of 74 employees (compared to this company's 77) and received an average PPP loan of $1,557,000 (compared to this company's $1.94M).
Similar Nearby Businesses Who Received PPP Funding:
Rivcrete Ready Mix
Industry PPP Comparison Statistics
Nationwide, 1,707 businesses in the "Ready-Mix Concrete Manufacturing" industry received a total of $518.44M 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 26 employees, 66% lower than Schmitz Ready Mix, Inc's reported 77 employees, and received an average PPP loan of $303,712, 84% lower than this company's loan of $1.94M.
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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