WESTERMAN INC
PPP Loan approved Apr 7, 2021 through JPMorgan Chase Bank, National Association
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $5,197,072.00 | 100.0% |
About This Loan
WESTERMAN INC received a PPP loan of $5,197,072 approved on Apr 7, 2021. The loan was originated by JPMorgan Chase Bank, National Association.
WESTERMAN INC is a corporation located in BREMEN, Ohio. 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 333132), part of the Manufacturing sector of the economy. The applicant reported 395 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: $5,197,072 to payroll. The payroll component represents 100.0% 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 Ohio, visit the Ohio page. To compare this loan with others in the same industry, see the Manufacturing industry page.