PPP Loan Data — Mid-Continent Instrument Co Inc, Wichita, KS
Mid-Continent Instrument Co Inc
Industry: Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing
Location: Wichita, KSTweet This • Search All PPP Data
Mid-Continent Instrument Co Inc is a corporation located at 9400 E 34th St N in Wichita, Kansas that received a Coronavirus-related PPP loan from the SBA of $3,239,100.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 194 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:INTRUST Bank, National Association
Mid-Continent Instrument Co Inc in Wichita, KS received a Paycheck Protection Loan of $3.24M through INTRUST Bank, National Association, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Mid-Continent Instrument Co Inc's 2019 payroll expenses are estimated to be at least $15.55M.
Based on their reported 194 jobs retained, this equals an estimated average yearly compensation of $80,143 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mid-Continent Instrument Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,239,100
Business Information - Mid-Continent Instrument Co Inc in Wichita, KS
9400 E 34th St N
Wichita, KS 67226
Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing
NAICS code 334511
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 677 businesses in the "Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing" industry received a total of $237.28M 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 25 employees, 87% lower than Mid-Continent Instrument Co Inc's reported 194 employees, and received an average PPP loan of $350,484, 89% lower than this company's loan of $3.24M.
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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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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