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PPP Loan Data — Magnolia Plumbing Inc.,
Washington, DC
Magnolia Plumbing Inc.
Entity: Subchapter S Corporation
Industry: Plumbing, Heating, and Air-Conditioning Contractors
Location: Washington, DC
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Magnolia Plumbing Inc. is a subchapter s corporation located at 600 Gallatin St., N.e. in Washington, District of Columbia that received a Coronavirus-related PPP loan from the SBA of $2,762,100.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
184Loan Approved:
2020-04-09Lender:
TRUIST BANK D/B/A BRANCH BANKING & TRUST COMagnolia Plumbing Inc. received a Paycheck Protection Loan of $2.76M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.
Based on standard PPP eligibility rules, Magnolia Plumbing Inc.'s total 2019 payroll expenses were approximately $13.26M in order to qualify for the PPP loan amount received.
Based on their reported 184 jobs retained, this equals an estimated average yearly compensation of $72,055 per employee1.
Business Information - Magnolia Plumbing Inc. in Washington, DC
600 Gallatin St., N.e.
Washington, DC 20017
Business Industry
Plumbing, Heating, and Air-Conditioning Contractors (NAICS code 238220)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: DC-Similar Companies near Washington
In the Washington area, 4 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a PPP loan. These local businesses reported an average of 151 employees (compared to this company's 184) and received an average PPP loan of $2,822,707 (compared to this company's $2.76M).
Similar Nearby Businesses Who Received PPP Funding:
Joseph J Magnolia, Inc.
Washington, DC
R&R Mechanical LLC
Washington, DC
I & B Associates Inc
Washington, DC
Industry PPP Comparison Statistics
Nationwide, 60,482 businesses in the "Plumbing, Heating, and Air-Conditioning Contractors" industry received a total of $9,373,583,135.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 94% lower than Magnolia Plumbing Inc.'s reported 184 employees, and received an average PPP loan of $154,981, 94% lower than this company's loan of $2.76M.
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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA.
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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