PPP Loan Data — Statech Inc, Eastlake, OH
Statech Inc is a corporation located at 35585 Curtis Blvd in Eastlake, Ohio that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Middlefield Banking Company
Statech Inc in Eastlake, OH received a Paycheck Protection Loan of $25,000 through The Middlefield Banking Company, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in May, 2021.
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, Statech Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Statech Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Statech Inc in Eastlake, OH
35585 Curtis Blvd
Eastlake, OH 44095
Current-Carrying Wiring Device Manufacturing
NAICS code 335931
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 271 businesses in the "Current-Carrying Wiring Device Manufacturing" industry received a total of $101.14M 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 37 employees, 1133% higher than Statech Inc's reported 3 employees, and received an average PPP loan of $373,207, 1393% higher than this company's loan of $25,000.
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Footnotes & Information
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