PPP Loan Data — Magic Laundry Services Inc., Montebello, CA
Magic Laundry Services Inc. is a subchapter s 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
Lender:JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
Magic 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.
Based on standard PPP eligibility rules, Magic Laundry Services Inc.'s total 2019 payroll expenses were approximately $19.7M in order to qualify for the PPP loan amount received.
Based on their reported 400 jobs retained, this equals an estimated average yearly compensation of $49,238 per employee1.
Business Information - Magic Laundry Services Inc. in Montebello, CA
412 W Roosevelt Ave
Montebello, CA 90640
Industrial Launderers (NAICS code 812332)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: CA-38
Industry PPP Comparison Statistics
Nationwide, 296 businesses in the "Industrial Launderers" industry received a total of $83,284,010.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
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 $281,365, 93% lower than this company's loan of $4.1M.
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Footnotes & Information
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