PPP Loan Data — Hach Legacy Corp, Mentor, OH
Hach Legacy Corp is a subchapter s corporation located at 9181 Mentor Ave in Mentor, Ohio that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Hach Legacy Corp in Mentor, OH received a Paycheck Protection Loan of $25,300 through Civista Bank, which was approved in May, 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 June, 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, Hach Legacy Corp's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,720 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hach Legacy Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $16,700
- Utilities: $900
- Rent: $5,700
- Health Care: $2,000
Business Information - Hach Legacy Corp in Mentor, OH
9181 Mentor Ave
Mentor, OH 44060
Residential Property Managers
NAICS code 531311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Mentor
In the Mentor area, 3 businesses in the "Residential Property Managers" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 2) and received an average PPP loan of $41,836 (compared to this company's $25,300).
Similar Nearby Businesses Who Received PPP Funding:
The Lescano Company
The Crockett Team, LTD
Industry PPP Comparison Statistics
Nationwide, 36,628 businesses in the "Residential Property Managers" industry received a total of $3.05B 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 9 employees, 350% higher than Hach Legacy Corp's reported 2 employees, and received an average PPP loan of $83,394, 230% higher than this company's loan of $25,300.
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Footnotes & Information
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