PPP Loan Data — Magna Machine Co, Cincinnati, OH
Magna Machine Co
Location: Cincinnati, OHTweet This • Search All PPP Data
Magna Machine Co is a corporation located at 11180 Southland Rd in Cincinnati, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,285,900.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 135 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
Magna Machine Co in Cincinnati, OH received a Paycheck Protection Loan of $2.29M through PNC Bank, National Association, 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, Magna Machine Co's 2019 payroll expenses are estimated to be at least $10.97M.
Based on their reported 135 jobs retained, this equals an estimated average yearly compensation of $81,276 per employee1
Reported PPP Proceed Usage:
On the PPP application, Magna Machine Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,285,900
Business Information - Magna Machine Co in Cincinnati, OH
11180 Southland Rd
Cincinnati, OH 45240
Other Commercial and Service Industry Machinery Manufacturing
NAICS code 333318
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 2,893 businesses in the "Other Commercial and Service Industry Machinery Manufacturing" industry received a total of $535.63M 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 15 employees, 89% lower than Magna Machine Co's reported 135 employees, and received an average PPP loan of $185,148, 92% lower than this company's loan of $2.29M.
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Footnotes & Information
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