PPP Loan Data — Midwest Cooling Towers Inc, Chickasha, OK
Midwest Cooling Towers Inc
Entity: Subchapter S Corporation
Industry: Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing
Location: Chickasha, OKTweet This • Search All PPP Data
Midwest Cooling Towers Inc is a subchapter s corporation located at 1156 E Highway 19 in Chickasha, Oklahoma that received a Coronavirus-related PPP loan from the SBA of $1,673,800.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Field & Main Bank
Midwest Cooling Towers Inc in Chickasha, OK received a Paycheck Protection Loan of $1.67M through Field & Main Bank, which was approved in January, 2021.
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, Midwest Cooling Towers Inc's 2019 payroll expenses are estimated to be at least $8.03M.
Based on their reported 177 jobs retained, this equals an estimated average yearly compensation of $45,391 per employee1
Reported PPP Proceed Usage:
On the PPP application, Midwest Cooling Towers Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,673,800
Business Information - Midwest Cooling Towers Inc in Chickasha, OK
1156 E Highway 19
Chickasha, OK 73018
Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing
NAICS code 333415
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Chickasha
In the Chickasha area, 2 businesses in the "Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing" industry received a PPP loan. These local businesses reported an average of 93 employees (compared to this company's 177) and received an average PPP loan of $857,524 (compared to this company's $1.67M).
Similar Nearby Businesses Who Received PPP Funding:
Service Tech Cooling Towers, LLC
Industry PPP Comparison Statistics
Nationwide, 2,606 businesses in the "Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing" industry received a total of $490.48M 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 16 employees, 91% lower than Midwest Cooling Towers Inc's reported 177 employees, and received an average PPP loan of $188,212, 89% lower than this company's loan of $1.67M.
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