PPP Loan Data — T.d. Industrial Coverings, Inc, Sterling Heights, MI
T.d. Industrial Coverings, Inc is a corporation located at 6220 18 1/2 Mile Road in Sterling Heights, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,557,173.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 165 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Huntington National Bank
T.d. Industrial Coverings, Inc in Sterling Heights, MI received a Paycheck Protection Loan of $1.56M through The Huntington National Bank, which was approved in April, 2020.
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, T.d. Industrial Coverings, Inc's 2019 payroll expenses are estimated to be at least $7.47M.
Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $45,300 per employee1
Reported PPP Proceed Usage:
On the PPP application, T.d. Industrial Coverings, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,557,173
Business Information - T.d. Industrial Coverings, Inc in Sterling Heights, MI
6220 18 1/2 Mile Road
Sterling Heights, MI 48314
Plastics Material and Resin Manufacturing
NAICS code 325211
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Sterling Heights
In the Sterling Heights area, 4 businesses in the "Plastics Material and Resin Manufacturing" industry received a PPP loan. These local businesses reported an average of 80 employees (compared to this company's 165) and received an average PPP loan of $753,936 (compared to this company's $1.56M).
Similar Nearby Businesses Who Received PPP Funding:
Resin Services Inc
Sterling Heights, MI
M & N Plastics, Inc
Sterling Heights, MI
Industry PPP Comparison Statistics
Nationwide, 1,370 businesses in the "Plastics Material and Resin Manufacturing" industry received a total of $412.62M 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 27 employees, 84% lower than T.d. Industrial Coverings, Inc's reported 165 employees, and received an average PPP loan of $301,185, 81% lower than this company's loan of $1.56M.
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Footnotes & Information
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