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PPP Loan Data — Magnetrol International Holding Co, Aurora, IL

SBA PPP loan data, payroll data, and salaries for Magnetrol International Holding Co
IL

Magnetrol International Holding Co

Entity: Subchapter S Corporation

Industry: Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables

Location: Aurora, IL

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Magnetrol International Holding Co is a subchapter s corporation located at 705 Enterprise St in Aurora, Illinois that received a Coronavirus-related PPP loan from the SBA of $6,854,700.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$6.85M

Jobs Retained:

459

Loan Approved:

2020-04-14

Lender:

PNC BANK, NATIONAL ASSOCIATION

Magnetrol International Holding Co in Aurora, IL received a Paycheck Protection Loan of $6.85M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Magnetrol International Holding Co's total 2019 payroll expenses were approximately $32.9M in order to qualify for the PPP loan amount received.

Based on their reported 459 jobs retained, this equals an estimated average yearly compensation of $71,683 per employee1.

Because the loan received by Magnetrol International Holding Co 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 - Magnetrol International Holding Co in Aurora, IL

Magnetrol International Holding Co
705 Enterprise St
Aurora, IL 60504

Business Industry

Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables (NAICS code 334513)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: IL-11

Industry PPP Comparison Statistics

Nationwide, 719 businesses in the "Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables" industry received a total of $285,355,038.00 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 24 employees, 95% lower than Magnetrol International Holding Co's reported 459 employees, and received an average PPP loan of $396,878, 94% lower than this company's loan of $6.85M.

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.

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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.


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Source: www.federalpay.org/paycheck-protection-program/magnetrol-international-holding-co-aurora-il