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PPP Loan Data — Steel Craft Technologies, Belmont, MI

SBA PPP loan data, payroll data, and salaries for Steel Craft Technologies
MI

Steel Craft Technologies

Entity: Subchapter S Corporation

Industry: Fabricated Structural Metal Manufacturing

Location: Belmont, MI

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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 #6511107010

Loan Size:

$1.53M

Jobs Retained:

103

Loan Approved:

2020-04-07

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.

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, 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

Steel Craft Technologies
8057 Graphic Dr
Belmont, MI 49306

Business Industry:
Fabricated Structural Metal Manufacturing
NAICS code 332312

Business Owner Demographics

Race: Unreported

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

Kent County, MI — SBA Office 0515 — Congressional District: MI-03

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
Belmont, MI

$1.65M PPP Loan

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.

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.

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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/steel-craft-technologies-belmont-mi