REX MATERIALS, INC.
PPP Loan approved Apr 28, 2020 through County National Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $1,807,577.00 | 80.0% |
| Utilities | $112,974.00 | 5.0% |
| Mortgage Interest | $338,921.00 | 15.0% |
About This Loan
REX MATERIALS, INC. received a PPP loan of $2,259,472 approved on Apr 28, 2020. The loan was originated by County National Bank.
REX MATERIALS, INC. is a corporation located in HOWELL, Michigan. At the time of the application, the business was described as "existing or more than 2 years old".
The business operates in the Manufacturing industry (NAICS 327120), part of the Manufacturing sector of the economy. The applicant reported 182 jobs as retained through this loan.
No forgiveness has been recorded for this loan in the SBA's September 2024 data release. Possible explanations include: the borrower chose to repay rather than apply for forgiveness; the forgiveness application was denied; the loan was still in repayment status at the time of the data freeze; or the borrower defaulted, leading to a charge-off.
According to the SBA's records, the proceeds of this loan were allocated as follows: $1,807,577 to payroll, $112,974 to utilities, $338,921 to mortgage interest. The payroll component represents 80.0% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in Michigan, visit the Michigan page. To compare this loan with others in the same industry, see the Manufacturing industry page.