PPP Loan Data — Magnum Drywall, Inc, Fremont, CA
Magnum Drywall, Inc is a corporation located at 42027 Boscell Rd in Fremont, California that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 408 people during the applicable loan loan period.
$ PPP Loan Information
Magnum Drywall, Inc received a Paycheck Protection Loan of $10M through BBVA USA, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 408 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 480.
Based on standard PPP eligibility rules, Magnum Drywall, Inc's total 2019 payroll expenses were approximately $48M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 408 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Magnum Drywall, Inc in Fremont, CA
42027 Boscell Rd
Fremont, CA 94538
Construction Sand and Gravel Mining (NAICS code 212321)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: CA-17
Industry PPP Comparison Statistics
Nationwide, 2,440 businesses in the "Construction Sand and Gravel Mining" industry received a total of $395,301,105.00 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 12 employees, 97% lower than Magnum Drywall, Inc's reported 408 employees, and received an average PPP loan of $162,009, 98% lower than this company's loan of $10M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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