PPP Loan Data — Steel Craft Technologies, Belmont, MI
Steel Craft Technologies is a subchapter s corporation located at 8057 Graphic Dr in Belmont, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,526,400.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 103 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Mercantile Bank of Michigan
Steel Craft Technologies in Belmont, MI received a Paycheck Protection Loan of $1.53M through Mercantile Bank of Michigan, 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, Steel Craft Technologies' 2019 payroll expenses are estimated to be at least $7.33M.
Based on their reported 103 jobs retained, this equals an estimated average yearly compensation of $71,133 per employee1
Reported PPP Proceed Usage:
On the PPP application, Steel Craft Technologies reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,020,653
- Utilities: $77,374
- Rent: $209,922
- Health Care: $200,467
- Debt Interest: $17,984
Business Information - Steel Craft Technologies in Belmont, MI
8057 Graphic Dr
Belmont, MI 49306
Fabricated Structural Metal Manufacturing
NAICS code 332312
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Belmont
In the Belmont area, 2 businesses in the "Fabricated Structural Metal Manufacturing" industry received a PPP loan. These local businesses reported an average of 152 employees (compared to this company's 103) and received an average PPP loan of $1,587,793 (compared to this company's $1.53M).
Similar Nearby Businesses Who Received PPP Funding:
Steel Craft Technologies Inc
Industry PPP Comparison Statistics
Nationwide, 5,157 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $1.41B 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 24 employees, 77% lower than Steel Craft Technologies' reported 103 employees, and received an average PPP loan of $273,385, 82% lower than this company's loan of $1.53M.
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Footnotes & Information
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