PPP Loan Data — United Glass & Panel Systems Inc, North Canton, OH
United Glass & Panel Systems Inc
Entity: Subchapter S Corporation
Location: North Canton, OHTweet This • Search All PPP Data
United Glass & Panel Systems Inc is a subchapter s corporation located at 7830 Cleveland Ave Nw in North Canton, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,992,700.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
United Glass & Panel Systems Inc in North Canton, OH received a Paycheck Protection Loan of $1.99M through PNC Bank, National Association, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 96. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, United Glass & Panel Systems Inc's 2019 payroll expenses are estimated to be at least $9.56M (not accounting for salary amounts > $100k).
Because the 82 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, United Glass & Panel Systems Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,992,700
Business Information - United Glass & Panel Systems Inc in North Canton, OH
7830 Cleveland Ave Nw
North Canton, OH 44720
Glass Product Manufacturing Made of Purchased Glass
NAICS code 327215
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near North Canton
In the North Canton area, 2 businesses in the "Glass Product Manufacturing Made of Purchased Glass" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 82) and received an average PPP loan of $1,034,600 (compared to this company's $1.99M).
Similar Nearby Businesses Who Received PPP Funding:
Studio Arts & Glass Inc
North Canton, OH
Industry PPP Comparison Statistics
Nationwide, 1,226 businesses in the "Glass Product Manufacturing Made of Purchased Glass" industry received a total of $226.41M 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 18 employees, 78% lower than United Glass & Panel Systems Inc's reported 82 employees, and received an average PPP loan of $184,672, 91% lower than this company's loan of $1.99M.
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.
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