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PPP Loan Data — Magic Laundry Services Inc,
Montebello, CA
Magic Laundry Services Inc
Entity: Corporation
Industry: Drycleaning and Laundry Services (except Coin-Operated)
Location: Montebello, CA
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Magic Laundry Services Inc is a corporation located at 412 W Roosevelt Ave in Montebello, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
The company has reported itself as a female owned business, and employed at least 243 people during the applicable loan loan period.
$
PPP Loan Information
Loan #9093598503
Loan Size:
Jobs Retained:
243Loan Approved:
2021-03-12Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationMagic Laundry Services Inc in Montebello, CA received a Paycheck Protection Loan of $2M through JPMorgan Chase Bank, National Association, which was approved in March, 2021.
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 March, 2022.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Magic Laundry Services Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 243 jobs retained, this equals an estimated average yearly compensation of $39,506 per employee1
Reported PPP Proceed Usage:
On the PPP application, Magic Laundry Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Magic Laundry Services Inc in Montebello, CA
412 W Roosevelt Ave
Montebello, CA 90640
Business Industry:
Drycleaning and Laundry Services (except Coin-Operated)
NAICS code 812320
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Montebello
In the Montebello area, 12 businesses in the "Drycleaning and Laundry Services (except Coin-Operated)" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 243) and received an average PPP loan of $181,222 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Sonia Sloan
Montebello, CA
Joseph Sloan
Montebello, CA
Arman Yankas
Montebello, CA
Eliza Lau
Montebello, CA
Sunil Patel
Montebello, CA
Murphy's Cleaners
Montebello, CA
Elizabeth Nunez
Montebello, CA
Traceys Cleaners
Montebello, CA
Industry PPP Comparison Statistics
Nationwide, 28,405 businesses in the "Drycleaning and Laundry Services (except Coin-Operated)" industry received a total of $1.11B 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 7 employees, 97% lower than Magic Laundry Services Inc's reported 243 employees, and received an average PPP loan of $39,088, 98% lower than this company's loan of $2M.
Magic Laundry Services Inc
Entity: Corporation
Industry: Industrial Launderers
Location: Montebello, CA
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Magic Laundry Services Inc is a corporation located at 412 W Roosevelt Ave in Montebello, California that received a Coronavirus-related PPP loan from the SBA of $4,103,140.00 in May, 2020.
The company has reported itself as a male owned business, and employed at least 400 people during the applicable loan loan period.
$
PPP Loan Information
Loan #3198827710
Loan Size:
Jobs Retained:
400Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationMagic Laundry Services Inc in Montebello, CA received a Paycheck Protection Loan of $4.1M through JPMorgan Chase Bank, National Association, 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, 2022.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Magic Laundry Services Inc's 2019 payroll expenses are estimated to be at least $19.7M.
Based on their reported 400 jobs retained, this equals an estimated average yearly compensation of $49,238 per employee1
Reported PPP Proceed Usage:
On the PPP application, Magic Laundry Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,405,816
- Utilities: $449,699
- Rent: $140,100
- Health Care: $64,407
- Debt Interest: $43,118
Business Information - Magic Laundry Services Inc in Montebello, CA
412 W Roosevelt Ave
Montebello, CA 90640
Business Industry:
Industrial Launderers
NAICS code 812332
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 495 businesses in the "Industrial Launderers" industry received a total of $120.12M 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 30 employees, 93% lower than Magic Laundry Services Inc's reported 400 employees, and received an average PPP loan of $242,657, 94% lower than this company's loan of $4.1M.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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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