PPP Loan Data — Kwang Jin America, Inc, Warren, MI
Kwang Jin America, Inc
Location: Warren, MITweet This • Search All PPP Data
Kwang Jin America, Inc is a corporation located at 6400 E 11 Mile Road in Warren, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,032,402.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:The Huntington National Bank
Kwang Jin America, Inc in Warren, MI received a Paycheck Protection Loan of $2.03M through The Huntington National Bank, which was approved in April, 2020.
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, Kwang Jin America, Inc's 2019 payroll expenses are estimated to be at least $9.76M.
Based on their reported 192 jobs retained, this equals an estimated average yearly compensation of $50,810 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kwang Jin America, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,032,402
Business Information - Kwang Jin America, Inc in Warren, MI
6400 E 11 Mile Road
Warren, MI 48091
Automobile and Other Motor Vehicle Merchant Wholesalers
NAICS code 423110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Warren
In the Warren area, 3 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 69 employees (compared to this company's 192) and received an average PPP loan of $722,728 (compared to this company's $2.03M).
Similar Nearby Businesses Who Received PPP Funding:
Neuners Automotive Recyclers LLC
Industry PPP Comparison Statistics
Nationwide, 10,057 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a total of $989.93M 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, 95% lower than Kwang Jin America, Inc's reported 192 employees, and received an average PPP loan of $98,432, 95% lower than this company's loan of $2.03M.
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Footnotes & Information
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