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PPP Loan Data — United Steel Inc,
East Hartford, CT
United Steel Inc
Entity: Sole Proprietorship
Industry: Structural Steel and Precast Concrete Contractors
Location: East Hartford, CT
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United Steel Inc is a sole proprietorship located at 164 School St in East Hartford, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #7650678508
Loan Size:
Jobs Retained:
192Loan Approved:
2021-03-06Loan Status:
Ongoing LoanLender:
People's United Bank, National AssociationUnited Steel Inc in East Hartford, CT received a Paycheck Protection Loan of $2M through People's United Bank, National Association, which was approved in March, 2021.
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 MoreUnderstanding 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 MoreBased 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 Steel Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 192 jobs retained, this equals an estimated average yearly compensation of $50,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, United Steel Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,995
- Utilities: $1
Business Information - United Steel Inc in East Hartford, CT
164 School St
East Hartford, CT 6108
Business Industry:
Structural Steel and Precast Concrete Contractors
NAICS code 238120
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: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,833 businesses in the "Structural Steel and Precast Concrete Contractors" industry received a total of $1.01B 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 20 employees, 90% lower than United Steel Inc's reported 192 employees, and received an average PPP loan of $264,469, 87% lower than this company's loan of $2M.
United Steel Inc
Entity: Sole Proprietorship
Industry: Structural Steel and Precast Concrete Contractors
Location: East Hartford, CT
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•
Search All PPP Data
United Steel Inc is a sole proprietorship located at 164 School Street in East Hartford, Connecticut that received a Coronavirus-related PPP loan from the SBA of $3,788,000.00 in April, 2020.
$
PPP Loan Information
Loan #5306267008
Loan Size:
Jobs Retained:
189Loan Approved:
2020-04-05Loan Status:
Paid in Full or ForgivenLender:
People's United Bank, National AssociationUnited Steel Inc in East Hartford, CT received a Paycheck Protection Loan of $3.79M through People's United Bank, National Association, 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.
Read MoreUnderstanding 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 MoreBased 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 Steel Inc's 2019 payroll expenses are estimated to be at least $18.18M.
Based on their reported 189 jobs retained, this equals an estimated average yearly compensation of $96,203 per employee1
Reported PPP Proceed Usage:
On the PPP application, United Steel Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,788,000
Business Information - United Steel Inc in East Hartford, CT
164 School Street
East Hartford, CT 6108
Business Industry:
Structural Steel and Precast Concrete Contractors
NAICS code 238120
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
Industry PPP Comparison Statistics
Nationwide, 3,833 businesses in the "Structural Steel and Precast Concrete Contractors" industry received a total of $1.01B 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 20 employees, 89% lower than United Steel Inc's reported 189 employees, and received an average PPP loan of $264,469, 93% lower than this company's loan of $3.79M.
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.
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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