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PPP Loan Data — STI Holdings Inc, Charlotte, NC

SBA PPP loan data, payroll data, and salaries for STI Holdings Inc
NC

STI Holdings Inc

Entity: Corporation

Industry: Farm and Garden Machinery and Equipment Merchant Wholesalers

Location: Charlotte, NC

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STI Holdings Inc is a corporation located at 4355 Golf Acres Dr in Charlotte, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,262,968.00 in April, 2020.

$ PPP Loan Information
Loan #3113877106

Loan Size:

$3.26M

Jobs Retained:

251

Loan Approved:

2020-04-11

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

STI Holdings Inc in Charlotte, NC received a Paycheck Protection Loan of $3.26M through Bank of America, National Association, 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.

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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, STI Holdings Inc's 2019 payroll expenses are estimated to be at least $15.66M.

Based on their reported 251 jobs retained, this equals an estimated average yearly compensation of $62,399 per employee1

Reported PPP Proceed Usage:

On the PPP application, STI Holdings Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,262,968
Because the loan received by STI Holdings Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - STI Holdings Inc in Charlotte, NC

STI Holdings Inc
4355 Golf Acres Dr
Charlotte, NC 28208

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Mecklenburg County, NC — SBA Office 0460 — Congressional District: NC-12

Industry PPP Comparison Statistics

Nationwide, 2,954 businesses in the "Farm and Garden Machinery and Equipment Merchant Wholesalers" industry received a total of $628.4M 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 19 employees, 92% lower than STI Holdings Inc's reported 251 employees, and received an average PPP loan of $212,728, 93% lower than this company's loan of $3.26M.

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/sti-holdings-inc-charlotte-nc