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PPP Loan Data — Midwest Freight Systems Corp, Warren, MI

SBA PPP loan data, payroll data, and salaries for Midwest Freight Systems Corp
MI

Midwest Freight Systems Corp

Entity: Corporation

Industry: Process, Physical Distribution, and Logistics Consulting Services

Location: Warren, MI

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Midwest Freight Systems Corp is a corporation located at 21900 Hoover Road in Warren, Michigan that received a Coronavirus-related PPP loan from the SBA of $4,547,300.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.55M

Jobs Retained:

250

Loan Approved:

2020-04-14

Lender:

THE HUNTINGTON NATIONAL BANK

Midwest Freight Systems Corp received a Paycheck Protection Loan of $4.55M through THE HUNTINGTON NATIONAL BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Midwest Freight Systems Corp's total 2019 payroll expenses were approximately $21.83M in order to qualify for the PPP loan amount received.

Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $87,308 per employee1.

Because the loan received by Midwest Freight Systems Corp 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 - Midwest Freight Systems Corp in Warren, MI

Midwest Freight Systems Corp
21900 Hoover Road
Warren, MI 48089

Business Industry

Process, Physical Distribution, and Logistics Consulting Services (NAICS code 541614)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: MI-09

Similar Companies near Warren

In the Warren area, 4 businesses in the "Process, Physical Distribution, and Logistics Consulting Services" industry received a PPP loan. These local businesses reported an average of 83 employees (compared to this company's 250) and received an average PPP loan of $1,334,265 (compared to this company's $4.55M).

Industry PPP Comparison Statistics

Nationwide, 4,460 businesses in the "Process, Physical Distribution, and Logistics Consulting Services" industry received a total of $676,111,064.00 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 12 employees, 95% lower than Midwest Freight Systems Corp's reported 250 employees, and received an average PPP loan of $151,594, 97% lower than this company's loan of $4.55M.

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.

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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/midwest-freight-systems-corp-warren-mi