PPP Loan Data — MGS Professional Painting LLC, Orem, UT
MGS Professional Painting LLC
Entity: Limited Liability Company (LLC)
Location: Orem, UTTweet This • Search All PPP Data
MGS Professional Painting LLC is a limited liability company (LLC) located at 107 N 705 W Orem Ut 84057 in Orem, Utah that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Mountain America FCU
MGS Professional Painting LLC in Orem, UT received a Paycheck Protection Loan of $25,000 through Mountain America FCU, 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, MGS Professional Painting LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, MGS Professional Painting LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - MGS Professional Painting LLC in Orem, UT
107 N 705 W Orem Ut 84057
Orem, UT 84057
Electrical Contractors and Other Wiring Installation Contractors
NAICS code 238210
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Orem
In the Orem area, 16 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 3) and received an average PPP loan of $55,834 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Anytech Electric Inc
Lazenby Electric, LLC
Fire Control Fire & Security LLC
Camberlango Electric Inc
Industry PPP Comparison Statistics
Nationwide, 82,626 businesses in the "Electrical Contractors and Other Wiring Installation Contractors" industry received a total of $11.77B 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 11 employees, 267% higher than MGS Professional Painting LLC's reported 3 employees, and received an average PPP loan of $142,494, 470% higher than this company's loan of $25,000.
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