PPP Loan Data — Mccormick Equipment Co,. Inc, Loveland, OH
Mccormick Equipment Co,. Inc
Location: Loveland, OHTweet This • Search All PPP Data
Mccormick Equipment Co,. Inc is a corporation located at 112 Northeast Dr in Loveland, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,696,400.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:First Financial Bank
Mccormick Equipment Co,. Inc in Loveland, OH received a Paycheck Protection Loan of $2.7M through First Financial Bank, 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, Mccormick Equipment Co,. Inc's 2019 payroll expenses are estimated to be at least $12.94M.
Based on their reported 167 jobs retained, this equals an estimated average yearly compensation of $77,501 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mccormick Equipment Co,. Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,696,400
Business Information - Mccormick Equipment Co,. Inc in Loveland, OH
112 Northeast Dr
Loveland, OH 45140
Industrial Machinery and Equipment Merchant Wholesalers
NAICS code 423830
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Loveland
In the Loveland area, 4 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 52 employees (compared to this company's 167) and received an average PPP loan of $808,285 (compared to this company's $2.7M).
Similar Nearby Businesses Who Received PPP Funding:
Fischer Pump & Valve Company
Broderick & Associates
Industry PPP Comparison Statistics
Nationwide, 11,033 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $2.24B 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 15 employees, 91% lower than Mccormick Equipment Co,. Inc's reported 167 employees, and received an average PPP loan of $203,255, 92% lower than this company's loan of $2.7M.
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