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PPP Loan Data — Star Cutter Co., Farmington Hills, MI

SBA PPP loan data, payroll data, and salaries for Star Cutter Co.
MI

Star Cutter Co.

Entity: Corporation

Industry: Cutting Tool and Machine Tool Accessory Manufacturing

Location: Farmington Hills, MI

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Star Cutter Co. is a corporation located at 23461 Industrial Park Drive in Farmington Hills, Michigan that received a Coronavirus-related PPP loan from the SBA of $4,089,200.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.09M

Jobs Retained:

317

Loan Approved:

2020-04-10

Lender:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Star Cutter Co. received a Paycheck Protection Loan of $4.09M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Star Cutter Co.'s total 2019 payroll expenses were approximately $19.63M in order to qualify for the PPP loan amount received.

Based on their reported 317 jobs retained, this equals an estimated average yearly compensation of $61,918 per employee1.

Because the loan received by Star Cutter Co. 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 - Star Cutter Co. in Farmington Hills, MI

Star Cutter Co.
23461 Industrial Park Drive
Farmington Hills, MI 48335

Business Industry

Cutting Tool and Machine Tool Accessory Manufacturing (NAICS code 333515)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-14

Similar Companies near Farmington Hills

In the Farmington Hills area, 2 businesses in the "Cutting Tool and Machine Tool Accessory Manufacturing" industry received a PPP loan. These local businesses reported an average of 163 employees (compared to this company's 317) and received an average PPP loan of $2,093,100 (compared to this company's $4.09M).

Similar Nearby Businesses Who Received PPP Funding:

Atlas Thread Gage Inc
Farmington Hills, MI

$97,000 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 987 businesses in the "Cutting Tool and Machine Tool Accessory Manufacturing" industry received a total of $240,488,771.00 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 17 employees, 95% lower than Star Cutter Co.'s reported 317 employees, and received an average PPP loan of $243,656, 94% lower than this company's loan of $4.09M.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/star-cutter-co-farmington-hills-mi