PPP Loan Data — Medin Technologies, Inc, Totowa, NJ
Medin Technologies, Inc is a corporation located at 11 Jackson Rd in Totowa, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,155,767.00 in May, 2020.
The company has reported itself as a male owned business, and employed at least 145 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Valley National Bank
Medin Technologies, Inc in Totowa, NJ received a Paycheck Protection Loan of $2.16M through Valley National Bank, which was approved in May, 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, Medin Technologies, Inc's 2019 payroll expenses are estimated to be at least $10.35M.
Based on their reported 145 jobs retained, this equals an estimated average yearly compensation of $71,363 per employee1
Reported PPP Proceed Usage:
On the PPP application, Medin Technologies, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,155,767
Business Information - Medin Technologies, Inc in Totowa, NJ
11 Jackson Rd
Totowa, NJ 7512
Surgical and Medical Instrument Manufacturing
NAICS code 339112
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,435 businesses in the "Surgical and Medical Instrument Manufacturing" industry received a total of $858.13M 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 18 employees, 88% lower than Medin Technologies, Inc's reported 145 employees, and received an average PPP loan of $249,819, 88% lower than this company's loan of $2.16M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!