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PPP Loan Data — Star Extruded Shapes Inc, Canfield, OH

SBA PPP loan data, payroll data, and salaries for Star Extruded Shapes Inc
OH

Star Extruded Shapes Inc

Entity: Subchapter S Corporation

Industry: Other Aluminum Rolling, Drawing, and Extruding

Location: Canfield, OH

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Star Extruded Shapes Inc is a subchapter s corporation located at 7055 Herbert Rd in Canfield, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,343,100.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 128 people during the applicable loan loan period.

$ PPP Loan Information Loan #3201987104

Loan Size:

$1.34M

Jobs Retained:

128

Loan Approved:

2020-04-11

Loan Status:

Ongoing Loan

Lender:

The Huntington National Bank

Star Extruded Shapes Inc in Canfield, OH received a Paycheck Protection Loan of $1.34M through The Huntington National Bank, 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.

Read More
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, Star Extruded Shapes Inc's 2019 payroll expenses are estimated to be at least $6.45M.

Based on their reported 128 jobs retained, this equals an estimated average yearly compensation of $50,366 per employee1

Reported PPP Proceed Usage:

On the PPP application, Star Extruded Shapes Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,343,100

Business Information - Star Extruded Shapes Inc in Canfield, OH

Star Extruded Shapes Inc
7055 Herbert Rd
Canfield, OH 44406

Business Industry:
Other Aluminum Rolling, Drawing, and Extruding
NAICS code 331318

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: N

HUBZone: N

Rural / Urban: Urban

Mahoning County, OH — SBA Office 0549 — Congressional District: OH-06

Similar Companies near Canfield

In the Canfield area, 2 businesses in the "Other Aluminum Rolling, Drawing, and Extruding" industry received a PPP loan. These local businesses reported an average of 96 employees (compared to this company's 128) and received an average PPP loan of $968,762 (compared to this company's $1.34M).

Similar Nearby Businesses Who Received PPP Funding:

Star Fab Inc
Canfield, OH

$594,424 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 191 businesses in the "Other Aluminum Rolling, Drawing, and Extruding" industry received a total of $105,317,460.00 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 52 employees, 59% lower than Star Extruded Shapes Inc's reported 128 employees, and received an average PPP loan of $551,400, 59% lower than this company's loan of $1.34M.

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.

Search FederalPay's Full PPP Loan Database

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/star-extruded-shapes-inc-canfield-oh