PPP Loan Data — Mid-West Forge Corporation, Willoughby, OH
Mid-West Forge Corporation is a subchapter s corporation located at 2778 Som Center Rd Suite #200 in Willoughby, Ohio that received a Coronavirus-related PPP loan from the SBA of $6,413,700.00 in April, 2020.
$ PPP Loan Information
Jobs Retained:0 Unreported
Lender:PNC BANK, NATIONAL ASSOCIATION
Mid-West Forge Corporation in Willoughby, OH received a Paycheck Protection Loan of $6.41M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Mid-West Forge Corporation's total 2019 payroll expenses were approximately $30.79M in order to qualify for the PPP loan amount received.
Unlike most businesses, Mid-West Forge Corporation's PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.
Business Information - Mid-West Forge Corporation in Willoughby, OH
2778 Som Center Rd Suite #200
Willoughby, OH 44094
Iron and Steel Forging (NAICS code 332111)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: OH-14
Similar Companies near Willoughby
In the Willoughby area, 2 businesses in the "Iron and Steel Forging" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 0) and received an average PPP loan of $3,253,525 (compared to this company's $6.41M).
Similar Nearby Businesses Who Received PPP Funding:
Premier Metal Plating LLC
Industry PPP Comparison Statistics
Nationwide, 488 businesses in the "Iron and Steel Forging" industry received a total of $182,828,483.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 23 employees, and received an average PPP loan of $374,649, 94% lower than this company's loan of $6.41M.
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.
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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