PPP Loan Data — Venture Plastics, Inc, Newton Falls, OH
Venture Plastics, Inc is a subchapter s corporation located at 4000warren Ravenna Road 0.0 in Newton Falls, Ohio that received a Coronavirus-related PPP loan from the SBA of $1,633,650.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Venture Plastics, Inc in Newton Falls, OH received a Paycheck Protection Loan of $1.63M through JPMorgan Chase 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 May, 2021.
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, Venture Plastics, Inc's 2019 payroll expenses are estimated to be at least $7.84M.
Based on their reported 146 jobs retained, this equals an estimated average yearly compensation of $53,709 per employee1
Reported PPP Proceed Usage:
On the PPP application, Venture Plastics, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,215,650
- Utilities: $110,000
- Rent: $167,000
- Health Care: $130,000
- Debt Interest: $11,000
Business Information - Venture Plastics, Inc in Newton Falls, OH
4000warren Ravenna Road 0.0
Newton Falls, OH 44444
All Other Plastics Product Manufacturing
NAICS code 326199
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Newton Falls
In the Newton Falls area, 2 businesses in the "All Other Plastics Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 75 employees (compared to this company's 146) and received an average PPP loan of $824,488 (compared to this company's $1.63M).
Similar Nearby Businesses Who Received PPP Funding:
American Molded Plastics Inc
Newton Falls, OH
Industry PPP Comparison Statistics
Nationwide, 5,013 businesses in the "All Other Plastics Product Manufacturing" industry received a total of $1.67B 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 34 employees, 77% lower than Venture Plastics, Inc's reported 146 employees, and received an average PPP loan of $333,733, 80% lower than this company's loan of $1.63M.
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Footnotes & Information
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