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PPP Loan Data — Mid-West Forge Corporation, Willoughby, OH

SBA PPP loan data, payroll data, and salaries for Mid-West Forge Corporation
OH

Mid-West Forge Corporation

Entity: Subchapter S Corporation

Industry: Iron and Steel Forging

Location: Willoughby, OH

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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

Loan Size:

$6.41M

Jobs Retained:

0 Unreported

Loan Approved:

2020-04-10

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.

Because the loan received by Mid-West Forge Corporation 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-West Forge Corporation in Willoughby, OH

Mid-West Forge Corporation
2778 Som Center Rd Suite #200
Willoughby, OH 44094

Business Industry

Iron and Steel Forging (NAICS code 332111)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional 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
Willoughby, OH

$93,350 PPP Loan

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.

Search FederalPay's Full PPP Loan Database

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/mid-west-forge-corporation-willoughby-oh