PPP Loan Data — Stromberg Metal Works, Inc, Beltsville, MD
Stromberg Metal Works, Inc
Location: Beltsville, MDTweet This • Search All PPP Data
Stromberg Metal Works, Inc is a corporation located at 6701 Distribution Dr in Beltsville, Maryland that received a Coronavirus-related PPP loan from the SBA of $4,347,624.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Stromberg Metal Works, Inc in Beltsville, MD received a Paycheck Protection Loan of $4.35M through Howard Bank, 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.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 199 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 209. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Stromberg Metal Works, Inc's 2019 payroll expenses are estimated to be at least $20.87M (not accounting for salary amounts > $100k).
Because the 199 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Stromberg Metal Works, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,347,624
Business Information - Stromberg Metal Works, Inc in Beltsville, MD
6701 Distribution Dr
Beltsville, MD 20705
Plumbing, Heating, and Air-Conditioning Contractors
NAICS code 238220
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Stromberg Metal Works, Inc.
Comfort Control Inc
Other Building Finishing Contractors
Stromberg Metals Works Inc
Sheet Metal Work Manufacturing
Similar Companies near Beltsville
In the Beltsville area, 43 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 199) and received an average PPP loan of $385,674 (compared to this company's $4.35M).
Similar Nearby Businesses Who Received PPP Funding:
C. G. Wood Company, LLC
CM Heating And Cooling Mechanical Services, Inc
Maryland Sila Heating And Air Conditioning, LLC
T&T Plumbing And Heating LLC
CMR Ventures LLC
AG. Prada Co., Inc
Industry PPP Comparison Statistics
Nationwide, 103,883 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $13.03B 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 10 employees, 95% lower than Stromberg Metal Works, Inc's reported 199 employees, and received an average PPP loan of $125,397, 97% lower than this company's loan of $4.35M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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