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PPP Loan Data — Suminoe Textiles Of America Corporation, Gaffney, SC

SBA PPP loan data, payroll data, and salaries for Suminoe Textiles Of America Corporation
SC

Suminoe Textiles Of America Corporation

Entity: Corporation

Industry: All Other Miscellaneous Textile Product Mills

Location: Gaffney, SC

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Suminoe Textiles Of America Corporation is a corporation located at 10 Commerce Dr in Gaffney, South Carolina that received a Coronavirus-related PPP loan from the SBA of $3,713,223.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.71M

Jobs Retained:

309

Loan Approved:

2020-04-27

Lender:

ARTHUR STATE BANK

Suminoe Textiles Of America Corporation received a Paycheck Protection Loan of $3.71M through ARTHUR STATE BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Suminoe Textiles Of America Corporation's total 2019 payroll expenses were approximately $17.82M in order to qualify for the PPP loan amount received.

Based on their reported 309 jobs retained, this equals an estimated average yearly compensation of $57,681 per employee1.

Because the loan received by Suminoe Textiles Of America Corporation 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 - Suminoe Textiles Of America Corporation in Gaffney, SC

Suminoe Textiles Of America Corporation
10 Commerce Dr
Gaffney, SC 29340

Business Industry

All Other Miscellaneous Textile Product Mills (NAICS code 314999)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: SC-05

Similar Companies near Gaffney

In the Gaffney area, 4 businesses in the "All Other Miscellaneous Textile Product Mills" industry received a PPP loan. These local businesses reported an average of 181 employees (compared to this company's 309) and received an average PPP loan of $1,792,908 (compared to this company's $3.71M).

Industry PPP Comparison Statistics

Nationwide, 1,679 businesses in the "All Other Miscellaneous Textile Product Mills" industry received a total of $266,289,361.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 14 employees, 95% lower than Suminoe Textiles Of America Corporation's reported 309 employees, and received an average PPP loan of $158,600, 96% lower than this company's loan of $3.71M.

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. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/suminoe-textiles-of-america-corporation-gaffney-sc