PPP Loan Data — Magic Valley Electric Cooperative Inc, Mercedes, TX
Magic Valley Electric Cooperative Inc is a subchapter s corporation located at Po Box 267 in Mercedes, Texas that received a Coronavirus-related PPP loan from the SBA of $3,486,800.00 in April, 2020.
$ PPP Loan Information
Magic Valley Electric Cooperative Inc in Mercedes, TX received a Paycheck Protection Loan of $3.49M through PLAINSCAPITAL BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Magic Valley Electric Cooperative Inc's total 2019 payroll expenses were approximately $16.74M in order to qualify for the PPP loan amount received.
Based on their reported 270 jobs retained, this equals an estimated average yearly compensation of $61,988 per employee1.
Business Information - Magic Valley Electric Cooperative Inc in Mercedes, TX
Po Box 267
Mercedes, TX 78570
Electric Power Distribution (NAICS code 221122)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: TX-15
Industry PPP Comparison Statistics
Nationwide, 823 businesses in the "Electric Power Distribution" industry received a total of $508,939,757.00 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 31 employees, 89% lower than Magic Valley Electric Cooperative Inc's reported 270 employees, and received an average PPP loan of $618,396, 82% lower than this company's loan of $3.49M.
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Footnotes & Information
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