PPP Loan Data — Magnus Title Agency LLC, Phoenix, AZ
Magnus Title Agency LLC is a limited liability company (LLC) located at 3200 N Central Ave #950j in Phoenix, Arizona that received a Coronavirus-related PPP loan from the SBA of $1,788,100.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least 108 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Western Alliance Bank
Magnus Title Agency LLC in Phoenix, AZ received a Paycheck Protection Loan of $1.79M through Western Alliance Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in February, 2021.
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, Magnus Title Agency LLC's 2019 payroll expenses are estimated to be at least $8.58M.
Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $79,471 per employee1
Reported PPP Proceed Usage:
On the PPP application, Magnus Title Agency LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,788,100
Business Information - Magnus Title Agency LLC in Phoenix, AZ
3200 N Central Ave #950j
Phoenix, AZ 85012
Title Abstract and Settlement Offices
NAICS code 541191
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Phoenix
In the Phoenix area, 16 businesses in the "Title Abstract and Settlement Offices" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 108) and received an average PPP loan of $135,094 (compared to this company's $1.79M).
Similar Nearby Businesses Who Received PPP Funding:
West Title Agency LLC
AZ Title Agency LLC
Millennium Title Agency LLC
Phoenix Title Agency, LLC
EZ Title Agency LLC
North Scottsdale Title Agency, LLC
East Title Agency LLC
Allied Title Agency LLC
United Title Agency LLC
Industry PPP Comparison Statistics
Nationwide, 5,533 businesses in the "Title Abstract and Settlement Offices" industry received a total of $500.83M 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 8 employees, 93% lower than Magnus Title Agency LLC's reported 108 employees, and received an average PPP loan of $90,517, 95% lower than this company's loan of $1.79M.
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Footnotes & Information
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