PPP Loan Data — Star Source Management Services, Inc, Farmington Hills, MI
Star Source Management Services, Inc is a corporation located at 28275 Orchard Lk Road Ste 113 in Farmington Hills, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,200.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Star Source Management Services, Inc in Farmington Hills, MI received a Paycheck Protection Loan of $46,200 through Comerica Bank, which was approved in April, 2020.
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, Star Source Management Services, Inc's 2019 payroll expenses are estimated to be at least $221,760.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,440 per employee1
Reported PPP Proceed Usage:
On the PPP application, Star Source Management Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,200
Business Information - Star Source Management Services, Inc in Farmington Hills, MI
28275 Orchard Lk Road Ste 113
Farmington Hills, MI 48334
Hardware Merchant Wholesalers
NAICS code 423710
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,032 businesses in the "Hardware Merchant Wholesalers" industry received a total of $513.87M 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 15 employees, 275% higher than Star Source Management Services, Inc's reported 4 employees, and received an average PPP loan of $169,481, 267% higher than this company's loan of $46,200.
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Footnotes & Information
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