PPP Loan Data — Weldaloy Products Company, Warren, MI
Weldaloy Products Company is a subchapter s corporation located at 24011 Hoover Rd in Warren, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,557,675.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:KeyBank National Association
Weldaloy Products Company in Warren, MI received a Paycheck Protection Loan of $1.56M through KeyBank National Association, which was approved in April, 2020.
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, Weldaloy Products Company's 2019 payroll expenses are estimated to be at least $7.48M.
Based on their reported 93 jobs retained, this equals an estimated average yearly compensation of $80,396 per employee1
Reported PPP Proceed Usage:
On the PPP application, Weldaloy Products Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,557,675
Business Information - Weldaloy Products Company in Warren, MI
24011 Hoover Rd
Warren, MI 48089
Fabricated Structural Metal Manufacturing
NAICS code 332312
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Warren
In the Warren area, 6 businesses in the "Fabricated Structural Metal Manufacturing" industry received a PPP loan. These local businesses reported an average of 46 employees (compared to this company's 93) and received an average PPP loan of $701,104 (compared to this company's $1.56M).
Similar Nearby Businesses Who Received PPP Funding:
Parton & Preble Inc
SAS Global Corporation
Industry PPP Comparison Statistics
Nationwide, 5,157 businesses in the "Fabricated Structural Metal Manufacturing" industry received a total of $1.41B 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, 74% lower than Weldaloy Products Company's reported 93 employees, and received an average PPP loan of $273,385, 82% lower than this company's loan of $1.56M.
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Footnotes & Information
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