PPP Loan Data — Loma Magnetics, Rancho Cucamonga, CA
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Loma Magnetics is a partnership located at 9495 9th Street, Suite F in Rancho Cucamonga, California that received a Coronavirus-related PPP loan from the SBA of $46,700.00 in August, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Zions Bank, A Division of
Loma Magnetics in Rancho Cucamonga, CA received a Paycheck Protection Loan of $46,700 through Zions Bank, A Division of, which was approved in August, 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, Loma Magnetics' 2019 payroll expenses are estimated to be at least $224,160.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $37,360 per employee1
Reported PPP Proceed Usage:
On the PPP application, Loma Magnetics reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,700
Business Information - Loma Magnetics in Rancho Cucamonga, CA
9495 9th Street, Suite F
Rancho Cucamonga, CA 91730
Power, Distribution, and Specialty Transformer Manufacturing
NAICS code 335311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 426 businesses in the "Power, Distribution, and Specialty Transformer Manufacturing" industry received a total of $164.39M 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 31 employees, 417% higher than Loma Magnetics' reported 6 employees, and received an average PPP loan of $385,883, 726% higher than this company's loan of $46,700.
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Footnotes & Information
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