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PPP Loan Data — Wieland Corporation, Lansing, MI

ALERT: There are 2 PPP loans for a total of $4.68M in our database for businesses with the name "Wieland Corporation" in Lansing, MI. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Wieland Corporation
MI

Wieland Corporation

Entity: Subchapter S Corporation

Industry: Industrial Building Construction

Location: Lansing, MI

Search All PPP Data

Wieland Corporation is a subchapter s corporation located at 4162 English Oak Dr in Lansing, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

The company has reported itself as a White male owned business, and employed at least 125 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5168588301

Loan Size:

$2M

Jobs Retained:

125

Loan Approved:

2021-01-25

Loan Status:

Ongoing Loan

Lender:

The Huntington National Bank

Wieland Corporation in Lansing, MI received a Paycheck Protection Loan of $2M through The Huntington National Bank, which was approved in January, 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 More
Understanding 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 More

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, Wieland Corporation's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 125 jobs retained, this equals an estimated average yearly compensation of $76,800 per employee1

Reported PPP Proceed Usage:

On the PPP application, Wieland Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,997
  • Utilities: $1
Because the loan received by Wieland Corporation is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Wieland Corporation in Lansing, MI

Wieland Corporation
4162 English Oak Dr
Lansing, MI 48911

Business Industry:
Industrial Building Construction
NAICS code 236210

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Ingham County, MI — SBA Office 0515 — Congressional District: MI-08

Similar Companies near Lansing

In the Lansing area, 8 businesses in the "Industrial Building Construction" industry received a PPP loan. These local businesses reported an average of 75 employees (compared to this company's 125) and received an average PPP loan of $1,263,088 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 12,971 businesses in the "Industrial Building Construction" industry received a total of $2.13B 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 13 employees, 90% lower than Wieland Corporation's reported 125 employees, and received an average PPP loan of $163,840, 92% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Wieland Corporation
MI

Wieland Corporation

Entity: Subchapter S Corporation

Industry: Industrial Building Construction

Location: Lansing, MI

Search All PPP Data

Wieland Corporation is a subchapter s corporation located at 4162 English Oak Drive in Lansing, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,677,086.00 in May, 2020.

The company has reported itself as a White male owned business, and employed at least 128 people during the applicable loan loan period.

$ PPP Loan Information
Loan #9669327707

Loan Size:

$2.68M

Jobs Retained:

128

Loan Approved:

2020-05-01

Loan Status:

Ongoing Loan

Lender:

The Huntington National Bank
Likely Employment Reduction3

Wieland Corporation in Lansing, MI received a Paycheck Protection Loan of $2.68M through The Huntington National Bank, which was approved in May, 2020.

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.

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 128 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.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 129. 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

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 More
Understanding 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 More

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, Wieland Corporation's 2019 payroll expenses are estimated to be at least $12.85M (not accounting for salary amounts > $100k).

Because the 128 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, Wieland Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,677,086
Because the loan received by Wieland Corporation is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Wieland Corporation in Lansing, MI

Wieland Corporation
4162 English Oak Drive
Lansing, MI 48911

Business Industry:
Industrial Building Construction
NAICS code 236210

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Ingham County, MI — SBA Office 0515 — Congressional District: MI-08

Similar Companies near Lansing

In the Lansing area, 8 businesses in the "Industrial Building Construction" industry received a PPP loan. These local businesses reported an average of 75 employees (compared to this company's 128) and received an average PPP loan of $1,263,088 (compared to this company's $2.68M).

Industry PPP Comparison Statistics

Nationwide, 12,971 businesses in the "Industrial Building Construction" industry received a total of $2.13B 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 13 employees, 90% lower than Wieland Corporation's reported 128 employees, and received an average PPP loan of $163,840, 94% lower than this company's loan of $2.68M.

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.

Search FederalPay's Full PPP Loan Database

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.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/wieland-corporation-lansing-mi