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PPP Loan Data — Mid-State Raceway Inc, Nichols, NY

SBA PPP loan data, payroll data, and salaries for Mid-State Raceway Inc
NY

Mid-State Raceway Inc

Entity: Corporation

Industry: Casino Hotels

Location: Nichols, NY

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Mid-State Raceway Inc is a corporation located at 2384 W River Rd in Nichols, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.

$ PPP Loan Information
Loan #5193858301

Loan Size:

$2M

Jobs Retained:

276

Loan Approved:

2021-01-25

Loan Status:

Ongoing Loan

Lender:

Tioga State Bank, National Association

Mid-State Raceway Inc in Nichols, NY received a Paycheck Protection Loan of $2M through Tioga State Bank, National Association, which was approved in January, 2021.

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

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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-State Raceway Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 276 jobs retained, this equals an estimated average yearly compensation of $34,783 per employee1

Reported PPP Proceed Usage:

On the PPP application, Mid-State Raceway Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,996
  • Utilities: $1
Because the loan received by Mid-State Raceway 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 - Mid-State Raceway Inc in Nichols, NY

Mid-State Raceway Inc
2384 W River Rd
Nichols, NY 13812

Business Industry:
Casino Hotels
NAICS code 721120

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Rural

Tioga County, NY — SBA Office 0248 — Congressional District: NY-22

Industry PPP Comparison Statistics

Nationwide, 585 businesses in the "Casino Hotels" industry received a total of $435.92M 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 89 employees, 68% lower than Mid-State Raceway Inc's reported 276 employees, and received an average PPP loan of $745,159, 63% lower than this company's loan of $2M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/mid-state-raceway-inc-nichols-ny