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PPP Loan Data — KMG Prestige, Inc., Mount Pleasant, MI

SBA PPP loan data, payroll data, and salaries for KMG Prestige, Inc.
MI

KMG Prestige, Inc.

Entity: Corporation

Industry: Administrative Management and General Management Consulting Services

Location: Mount Pleasant, MI

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KMG Prestige, Inc. is a corporation located at 102 S. Main Street in Mount Pleasant, Michigan that received a Coronavirus-related PPP loan from the SBA of $7,845,514.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$7.85M

Jobs Retained:

500

Loan Approved:

2020-04-08

Lender:

MERCANTILE BANK OF MICHIGAN

KMG Prestige, Inc. received a Paycheck Protection Loan of $7.85M through MERCANTILE BANK OF MICHIGAN, which was approved in April, 2020.

Based on standard PPP eligibility rules, KMG Prestige, Inc.'s total 2019 payroll expenses were approximately $37.66M in order to qualify for the PPP loan amount received.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $75,317 per employee1.

Because the loan received by KMG Prestige, Inc. 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 - KMG Prestige, Inc. in Mount Pleasant, MI

KMG Prestige, Inc.
102 S. Main Street
Mount Pleasant, MI 48858

Business Industry

Administrative Management and General Management Consulting Services (NAICS code 541611)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-04

Similar Companies near Mount Pleasant

In the Mount Pleasant area, 2 businesses in the "Administrative Management and General Management Consulting Services" industry received a PPP loan. These local businesses reported an average of 253 employees (compared to this company's 500) and received an average PPP loan of $3,989,252 (compared to this company's $7.85M).

Similar Nearby Businesses Who Received PPP Funding:

KMG Capital, Inc
Mount Pleasant, MI

$132,990 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 42,814 businesses in the "Administrative Management and General Management Consulting Services" industry received a total of $3,692,368,152.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 6 employees, 99% lower than KMG Prestige, Inc.'s reported 500 employees, and received an average PPP loan of $86,242, 99% lower than this company's loan of $7.85M.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/kmg-prestige-inc-mount-pleasant-mi