PPP Loan Data — MED-El Corporation, Durham, NC
Location: Durham, NCTweet This • Search All PPP Data
MED-El Corporation is a corporation located at 2645 Meridian Pkwy Ste 100 in Durham, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,040,672.00 in May, 2020.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
MED-El Corporation received a Paycheck Protection Loan of $3.04M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in May, 2020.
Based on standard PPP eligibility rules, MED-El Corporation's total 2019 payroll expenses were approximately $14.6M in order to qualify for the PPP loan amount received.
Based on their reported 162 jobs retained, this equals an estimated average yearly compensation of $90,094 per employee1.
Business Information - MED-El Corporation in Durham, NC
2645 Meridian Pkwy Ste 100
Durham, NC 27713
Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers (NAICS code 423450)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NC-04
Similar Companies near Durham
In the Durham area, 4 businesses in the "Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 46 employees (compared to this company's 162) and received an average PPP loan of $816,900 (compared to this company's $3.04M).
Similar Nearby Businesses Who Received PPP Funding:
MED Express Repairs-MEDical Specialties Inc
Synoptic Products LLC
Industry PPP Comparison Statistics
Nationwide, 8,635 businesses in the "Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers" industry received a total of $1,055,539,669.00 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 9 employees, 94% lower than MED-El Corporation's reported 162 employees, and received an average PPP loan of $122,240, 96% lower than this company's loan of $3.04M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.
All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA.
Footnotes & Information
1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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