PPP Loan Data — True Fabrications, Inc., Seattle, WA
True Fabrications, Inc.
Entity: Subchapter S Corporation
Location: Seattle, WATweet This • Search All PPP Data
True Fabrications, Inc. is a subchapter s corporation located at 1055 N 38th St. in Seattle, Washington that received a Coronavirus-related PPP loan from the SBA of $2,600,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 75 people during the applicable loan loan period.
$ PPP Loan Information
Lender:JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
True Fabrications, Inc. received a Paycheck Protection Loan of $2.6M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
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 75 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 125.
Based on standard PPP eligibility rules, True Fabrications, Inc.'s total 2019 payroll expenses were approximately $12.48M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 75 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - True Fabrications, Inc. in Seattle, WA
1055 N 38th St.
Seattle, WA 98103
Other Miscellaneous Nondurable Goods Merchant Wholesalers (NAICS code 424990)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: WA-07
Similar Companies near Seattle
In the Seattle area, 3 businesses in the "Other Miscellaneous Nondurable Goods Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 75) and received an average PPP loan of $901,622 (compared to this company's $2.6M).
Similar Nearby Businesses Who Received PPP Funding:
Evergreen Guardian Imports Inc
Bark In Style LLC
Industry PPP Comparison Statistics
Nationwide, 8,398 businesses in the "Other Miscellaneous Nondurable Goods Merchant Wholesalers" industry received a total of $907,670,921.00 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 10 employees, 87% lower than True Fabrications, Inc.'s reported 75 employees, and received an average PPP loan of $108,082, 96% lower than this company's loan of $2.6M.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!