PPP Loan Data — Mars Electric Co, Mayfield Village, OH
Mars Electric Co
Industry: Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
Location: Mayfield Village, OHTweet This • Search All PPP Data
Mars Electric Co is a corporation located at 6655 Beta Dr, Ste 200 in Mayfield Village, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,361,500.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
Mars Electric Co in Mayfield Village, OH received a Paycheck Protection Loan of $2.36M 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, Mars Electric Co's 2019 payroll expenses are estimated to be at least $11.34M.
Based on their reported 166 jobs retained, this equals an estimated average yearly compensation of $68,284 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mars Electric Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,361,500
Business Information - Mars Electric Co in Mayfield Village, OH
6655 Beta Dr, Ste 200
Mayfield Village, OH 44143
Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers
NAICS code 423610
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 7,686 businesses in the "Electrical Apparatus and Equipment, Wiring Supplies, and Related Equipment Merchant Wholesalers" industry received a total of $1.31B 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 14 employees, 92% lower than Mars Electric Co's reported 166 employees, and received an average PPP loan of $170,366, 93% lower than this company's loan of $2.36M.
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Footnotes & Information
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