PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Magic Laundry Services Inc., Montebello, CA

SBA PPP loan data, payroll data, and salaries for Magic Laundry Services Inc.
CA

Magic Laundry Services Inc.

Entity: Subchapter S Corporation

Industry: Industrial Launderers

Location: Montebello, CA

Search All PPP Data

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

Loan Size:

$4.1M

Jobs Retained:

400

Loan Approved:

2020-05-01

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.

Because the loan received by Magic Laundry Services Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Magic Laundry Services Inc. in Montebello, CA

Magic Laundry Services Inc.
412 W Roosevelt Ave
Montebello, CA 90640

Business Industry

Industrial Launderers (NAICS code 812332)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional 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.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/magic-laundry-services-inc-montebello-ca