Sure Steel, Inc in Ogden, UT - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Sure Steel, Inc, Ogden, UT

Sure Steel, Inc

Entity: Corporation

Industry: All Other Specialty Trade Contractors

Location: Ogden, UT

Sure Steel, Inc is a corporation located at 7528 Cornia Dr in Ogden, Utah that received a Coronavirus-related PPP loan from the SBA of $3,746,000.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 233 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5850007004

Loan Size:

$3.75M

Jobs Retained:

233

Loan Approved:

2020-04-06

Loan Status:

Paid in Full or Forgiven

Lender:

Cache Valley Bank

Sure Steel, Inc in Ogden, UT received a Paycheck Protection Loan of $3.75M through Cache Valley Bank, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in July, 2021.

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.

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.

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, Sure Steel, Inc's 2019 payroll expenses are estimated to be at least $17.98M.

Based on their reported 233 jobs retained, this equals an estimated average yearly compensation of $77,171 per employee¹

Reported PPP Proceed Usage:

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

Payroll: $3,746,000

Because the loan received by Sure Steel, 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 - Sure Steel, Inc in Ogden, UT

Sure Steel, Inc
7528 Cornia Dr
Ogden, UT 84405

Business Industry:
All Other Specialty Trade Contractors
NAICS code 238990

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Davis County, UT — SBA Office 0883 — Congressional District: UT-01

Similar Companies near Ogden

In the Ogden area, 34 businesses in the "All Other Specialty Trade Contractors" industry received a PPP loan. These local businesses reported an average of 18 employees (compared to this company's 233) and received an average PPP loan of $172,438 (compared to this company's $3.75M).

Similar Nearby Businesses Who Received PPP Funding:

Halling Custom Fence
Ogden, UT

$23,928 PPP Loan

Moonstone Construction LLC
Ogden, UT

$94,736 PPP Loan

Michelle Rich
Ogden, UT

$14,562 PPP Loan

Theodore Duke
Ogden, UT

$8,076 PPP Loan

Solar Ready Solutions, LLC
Ogden, UT

$423,200 PPP Loan

Rockwell Supply Inc
Marriott Slaterville, UT

$8,410 PPP Loan

Nelson Intermountain Crane
Ogden, UT

$67,000 PPP Loan

Jim Enterprise
Ogden, UT

$20,800 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 92,275 businesses in the "All Other Specialty Trade Contractors" industry received a total of $8.02B 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 8 employees, 97% lower than Sure Steel, Inc's reported 233 employees, and received an average PPP loan of $86,934, 98% lower than this company's loan of $3.75M.

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.

Search FederalPay's Full PPP Loan Database

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.

Have FederalPay.org's open data tools been valuable? Consider donating!