PPP Loan Data — Mack Novelty Inc, Pa 18701, PA
Mack Novelty Inc is a limited liability company (LLC) located at 525 South Main St Wilkes Barre in Pa 18701, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $25,137.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Manufacturers and Traders Trust Company
Mack Novelty Inc in Pa 18701, PA received a Paycheck Protection Loan of $25,137 through Manufacturers and Traders Trust Company, which was approved in April, 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 February, 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, Mack Novelty Inc's 2019 payroll expenses are estimated to be at least $120,658.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,219 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mack Novelty Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,759
- Utilities: $302
- Health Care: $4,076
Business Information - Mack Novelty Inc in Pa 18701, PA
525 South Main St Wilkes Barre
Pa 18701, PA 18701
Vending Machine Operators
NAICS code 454210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Pa 18701
In the Pa 18701 area, 3 businesses in the "Vending Machine Operators" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 3) and received an average PPP loan of $50,046 (compared to this company's $25,137).
Similar Nearby Businesses Who Received PPP Funding:
Superior Amusements And Vending
Mack Novelty Inc
Wilkes Barre, PA
Industry PPP Comparison Statistics
Nationwide, 5,683 businesses in the "Vending Machine Operators" industry received a total of $306.05M 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 6 employees, 100% higher than Mack Novelty Inc's reported 3 employees, and received an average PPP loan of $53,853, 114% higher than this company's loan of $25,137.
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Footnotes & Information
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