PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Thermcraft Inc, Winston Salem, NC

ALERT: There are 2 PPP loans for a total of $1.22M in our database for businesses with the name "Thermcraft Inc" in Winston Salem, NC. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Thermcraft Inc
NC

Thermcraft Inc

Entity: Corporation

Industry: Industrial Process Furnace and Oven Manufacturing

Location: Winston Salem, NC

Search All PPP Data

Thermcraft Inc is a corporation located at 2155 Aspen Ridge Ct Apt 307 in Winston Salem, North Carolina that received a Coronavirus-related PPP loan from the SBA of $611,957.00 in March, 2021.

$ PPP Loan Information
Loan #7784968507

Loan Size:

$611,957
PPP Funds Undisbursed

Jobs Retained:

53

Loan Approved:

2021-03-06

Loan Status:

Active Un-Disbursed

Lender:

First Horizon Bank

Thermcraft Inc in Winston Salem, NC received a Paycheck Protection Loan of $611,957 through First Horizon Bank, which was approved in March, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $611,957 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 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.

Read More
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, Thermcraft Inc's 2019 payroll expenses are estimated to be at least $2.94M.

Based on their reported 53 jobs retained, this equals an estimated average yearly compensation of $55,423 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $611,953
  • Utilities: $1

Business Information - Thermcraft Inc in Winston Salem, NC

Thermcraft Inc
2155 Aspen Ridge Ct Apt 307
Winston Salem, NC 27103

Business Industry:
Industrial Process Furnace and Oven Manufacturing
NAICS code 333994

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Forsyth County, NC — SBA Office 0460 — Congressional District: NC-06

Industry PPP Comparison Statistics

Nationwide, 277 businesses in the "Industrial Process Furnace and Oven Manufacturing" industry received a total of $93.1M 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 24 employees, 55% lower than Thermcraft Inc's reported 53 employees, and received an average PPP loan of $336,110, 45% lower than this company's loan of $611,957.

SBA PPP loan data, payroll data, and salaries for Thermcraft Inc
NC

Thermcraft Inc

Entity: Corporation

Industry: Industrial Process Furnace and Oven Manufacturing

Location: Winston Salem, NC

Search All PPP Data

Thermcraft Inc is a corporation located at 3950 Overdale Road in Winston Salem, North Carolina that received a Coronavirus-related PPP loan from the SBA of $611,957.00 in April, 2020.

$ PPP Loan Information
Loan #9108197008

Loan Size:

$611,957

Jobs Retained:

59

Loan Approved:

2020-04-09

Loan Status:

Ongoing Loan

Lender:

First Horizon Bank

Thermcraft Inc in Winston Salem, NC received a Paycheck Protection Loan of $611,957 through First Horizon 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.

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.

Read More
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, Thermcraft Inc's 2019 payroll expenses are estimated to be at least $2.94M.

Based on their reported 59 jobs retained, this equals an estimated average yearly compensation of $49,786 per employee1

Reported PPP Proceed Usage:

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

  • Payroll: $470,000
  • Utilities: $21,957
  • Rent: $50,000
  • Health Care: $70,000

Business Information - Thermcraft Inc in Winston Salem, NC

Thermcraft Inc
3950 Overdale Road
Winston Salem, NC 27107

Business Industry:
Industrial Process Furnace and Oven Manufacturing
NAICS code 333994

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Forsyth County, NC — SBA Office 0460 — Congressional District: NC-06

Industry PPP Comparison Statistics

Nationwide, 277 businesses in the "Industrial Process Furnace and Oven Manufacturing" industry received a total of $93.1M 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 24 employees, 59% lower than Thermcraft Inc's reported 59 employees, and received an average PPP loan of $336,110, 45% lower than this company's loan of $611,957.

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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/thermcraft-inc-winston-salem-nc