PPP Loan Data — Michigan Institute Of Aeronautics, Inc, Canton, MI
Michigan Institute Of Aeronautics, Inc is a corporation located at 2955 South Haggerty Rd in Canton, Michigan that received a Coronavirus-related PPP loan from the SBA of $1,659,870.00 in April, 2020.
The company has reported itself as a White owned business, and employed at least 174 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The Huntington National Bank
Michigan Institute Of Aeronautics, Inc in Canton, MI received a Paycheck Protection Loan of $1.66M through The Huntington National Bank, which was approved in April, 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 August, 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 Institute Of Aeronautics, Inc's 2019 payroll expenses are estimated to be at least $7.97M.
Based on their reported 174 jobs retained, this equals an estimated average yearly compensation of $45,790 per employee1
Reported PPP Proceed Usage:
On the PPP application, Michigan Institute Of Aeronautics, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,659,870
Business Information - Michigan Institute Of Aeronautics, Inc in Canton, MI
2955 South Haggerty Rd
Canton, MI 48188
NAICS code 611512
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 1,094 businesses in the "Flight Training" industry received a total of $101.12M 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 12 employees, 93% lower than Michigan Institute Of Aeronautics, Inc's reported 174 employees, and received an average PPP loan of $92,429, 94% lower than this company's loan of $1.66M.
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Footnotes & Information
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