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PPP Loan Data — Micronet It Solutions, Inc, Montgomery, AL

SBA PPP loan data, payroll data, and salaries for Micronet It Solutions, Inc
AL

Micronet It Solutions, Inc

Entity: Subchapter S Corporation

Industry: Unknown

Location: Montgomery, AL

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Micronet It Solutions, Inc is a subchapter s corporation located at 8415 Crossland Loop in Montgomery, Alabama that received a Coronavirus-related PPP loan from the SBA of $3,116,674.00 in May, 2020.

$ PPP Loan Information

Loan Size:

$3.12M

Jobs Retained:

181

Loan Approved:

2020-05-01

Lender:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Micronet It Solutions, Inc in Montgomery, AL received a Paycheck Protection Loan of $3.12M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in May, 2020.

Based on standard PPP eligibility rules, Micronet It Solutions, Inc's total 2019 payroll expenses were approximately $14.96M in order to qualify for the PPP loan amount received.

Based on their reported 181 jobs retained, this equals an estimated average yearly compensation of $82,652 per employee1.

Because the loan received by Micronet It Solutions, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Micronet It Solutions, Inc in Montgomery, AL

Micronet It Solutions, Inc
8415 Crossland Loop
Montgomery, AL 36117

Business Industry

Unknown (NAICS code 0)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: AL-03

Similar Companies near Montgomery

In the Montgomery area, 1,589 businesses in the "Unknown" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 181) and received an average PPP loan of $103,465 (compared to this company's $3.12M).

Industry PPP Comparison Statistics

Nationwide, 5,156,850 businesses in the "Unknown" industry received a total of $522,949,858,572.00 in PPP loans. These businesses account for 100% of total PPP applications submitted, and received 100% of the total PPP funding allocated.

PPP recipients in this industry report an average of 10 employees, 94% lower than Micronet It Solutions, Inc's reported 181 employees, and received an average PPP loan of $101,409, 97% lower than this company's loan of $3.12M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan. All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/micronet-it-solutions-inc-montgomery-al