PPP Loan Data — Michigan Employer Services, LLC, Richmond, MI
Michigan Employer Services, LLC is a limited liability company (LLC) located at 69245 Burke Road P.o. 430 in Richmond, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,279,400.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Eastern Michigan Bank
Michigan Employer Services, LLC in Richmond, MI received a Paycheck Protection Loan of $2.28M through Eastern Michigan 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, Michigan Employer Services, LLC's 2019 payroll expenses are estimated to be at least $10.94M.
Based on their reported 270 jobs retained, this equals an estimated average yearly compensation of $40,523 per employee1
Reported PPP Proceed Usage:
On the PPP application, Michigan Employer Services, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
- Utilities: $79,400
- Health Care: $200,000
Business Information - Michigan Employer Services, LLC in Richmond, MI
69245 Burke Road P.o. 430
Richmond, MI 48062
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 12,601 businesses in the "Employment Placement Agencies" industry received a total of $3.48B 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 35 employees, 87% lower than Michigan Employer Services, LLC's reported 270 employees, and received an average PPP loan of $275,915, 88% lower than this company's loan of $2.28M.
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Footnotes & Information
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