PPP Loan Data — Mattoon Precision Manufacturing, Inc, Mattoon, IL
Mattoon Precision Manufacturing, Inc is a corporation located at 2408 S 14th Street in Mattoon, Illinois that received a Coronavirus-related PPP loan from the SBA of $2,402,700.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First Mid Bank & Trust, National Association
Mattoon Precision Manufacturing, Inc in Mattoon, IL received a Paycheck Protection Loan of $2.4M through First Mid Bank & Trust, 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, Mattoon Precision Manufacturing, Inc's 2019 payroll expenses are estimated to be at least $11.53M.
Based on their reported 171 jobs retained, this equals an estimated average yearly compensation of $67,444 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mattoon Precision Manufacturing, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,802,025
- Utilities: $600,675
Business Information - Mattoon Precision Manufacturing, Inc in Mattoon, IL
2408 S 14th Street
Mattoon, IL 61938
Other Motor Vehicle Parts Manufacturing
NAICS code 336390
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, 1,518 businesses in the "Other Motor Vehicle Parts Manufacturing" industry received a total of $536.65M 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 32 employees, 81% lower than Mattoon Precision Manufacturing, Inc's reported 171 employees, and received an average PPP loan of $353,523, 85% lower than this company's loan of $2.4M.
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Footnotes & Information
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