PPP Loan Data — Magleby Professional Services, Lindon, UT
Magleby Professional Services
Entity: Limited Liability Company (LLC)
Location: Lindon, UTTweet This • Search All PPP Data
Magleby Professional Services is a limited liability company (LLC) located at 1291 W Center St. in Lindon, Utah that received a Coronavirus-related PPP loan from the SBA of $2,211,989.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fortis Private Bank
Magleby Professional Services in Lindon, UT received a Paycheck Protection Loan of $2.21M through Fortis Private Bank, which was approved in April, 2020.
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, Magleby Professional Services' 2019 payroll expenses are estimated to be at least $10.62M.
Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $58,986 per employee1
Reported PPP Proceed Usage:
On the PPP application, Magleby Professional Services reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,976,989
- Utilities: $100,000
- Rent: $135,000
Business Information - Magleby Professional Services in Lindon, UT
1291 W Center St.
Lindon, UT 84042
New Single-Family Housing Construction (except For-Sale Builders)
NAICS code 236115
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lindon
In the Lindon area, 50 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 180) and received an average PPP loan of $98,484 (compared to this company's $2.21M).
Similar Nearby Businesses Who Received PPP Funding:
KDC Construction, L.c
Pineview Plumbing And Heating
Tiny House Movement LLC
Waste Away Disposal
Building Construction Partners, LLC
Timber Ridge Framing, LLC
Black Rock Homes, Inc
ATO Construction, LLC
Ator Construction, LLC
Industry PPP Comparison Statistics
Nationwide, 127,156 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a total of $5.75B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 5 employees, 97% lower than Magleby Professional Services' reported 180 employees, and received an average PPP loan of $45,182, 98% lower than this company's loan of $2.21M.
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Footnotes & Information
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