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PPP Loan Data — Midas Touch Marketing LLC, Jamaica, NY

SBA PPP loan data, payroll data, and salaries for Midas Touch Marketing LLC
NY

Midas Touch Marketing LLC

Entity: Limited Liability Company (LLC)

Industry: All Other Personal Services

Location: Jamaica, NY

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Midas Touch Marketing LLC is a limited liability company (LLC) located in Jamaica, New York that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in June, 2020.

$ PPP Loan Information
Loan #2139048006

Loan Size:

$25,000

Jobs Retained:

1

Loan Approved:

2020-06-23

Loan Status:

Paid in Full or Forgiven

Lender:

Celtic Bank Corporation
Likely Employment Reduction3

Midas Touch Marketing LLC in Jamaica, NY received a Paycheck Protection Loan of $25,000 through Celtic Bank Corporation, which was approved in June, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in June, 2021.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

On the PPP application, Midas Touch Marketing LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $18,750
  • Utilities: $3,125
  • Rent: $3,125

Business Information - Midas Touch Marketing LLC in Jamaica, NY

Midas Touch Marketing LLC
Jamaica, NY
* Full address is redacted to protect the privacy of individuals.

Business Industry:
All Other Personal Services
NAICS code 812990

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: N

Rural / Urban: Urban

Queens County, NY — SBA Office 0202 — Congressional District: NY-06

Similar Companies near Jamaica

In the Jamaica area, 234 businesses in the "All Other Personal Services" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 1) and received an average PPP loan of $19,766 (compared to this company's $25,000).

Industry PPP Comparison Statistics

Nationwide, 237,729 businesses in the "All Other Personal Services" industry received a total of $5.63B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 3 employees, 200% higher than Midas Touch Marketing LLC's reported 1 employees, and received an average PPP loan of $23,676, 5% lower than this company's loan of $25,000.

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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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Source: www.federalpay.org/paycheck-protection-program/midas-touch-marketing-llc-jamaica-ny