PPP Loan Data — MG Creative LLC, Brooklyn, NY
MG Creative LLC is a limited liability company (LLC) located in Brooklyn, New York that received a Coronavirus-related PPP loan from the SBA of $46,109.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Cross River Bank
MG Creative LLC in Brooklyn, NY received a Paycheck Protection Loan of $46,109 through Cross River Bank, which was approved in May, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in June, 2021.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 2. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, MG Creative LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,109
Business Information - MG Creative LLC in Brooklyn, NY
* Full address is redacted to protect the privacy of individuals.
Mortgage and Nonmortgage Loan Brokers
NAICS code 522310
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Brooklyn
In the Brooklyn area, 11 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 1) and received an average PPP loan of $34,579 (compared to this company's $46,109).
Similar Nearby Businesses Who Received PPP Funding:
ABC Mortgage Corp
AJ Equity Group LLC
MS Capital Funding Inc
Industry PPP Comparison Statistics
Nationwide, 6,723 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a total of $679.39M 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 8 employees, 700% higher than MG Creative LLC's reported 1 employees, and received an average PPP loan of $101,055, 119% higher than this company's loan of $46,109.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
Have FederalPay.org's open data tools been valuable? Consider donating!