PPP Loan Data — Midwest Metal Products Co.,Inc, Muncie, IN
Midwest Metal Products Co.,Inc is a corporation located at P.o. Box 1031 in Muncie, Indiana that received a Coronavirus-related PPP loan from the SBA of $1,506,258.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 143 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
Midwest Metal Products Co.,Inc in Muncie, IN received a Paycheck Protection Loan of $1.51M through KeyBank National Association, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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 Metal Products Co.,Inc's 2019 payroll expenses are estimated to be at least $7.23M.
Based on their reported 143 jobs retained, this equals an estimated average yearly compensation of $50,560 per employee1
Reported PPP Proceed Usage:
On the PPP application, Midwest Metal Products Co.,Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,506,258
Business Information - Midwest Metal Products Co.,Inc in Muncie, IN
P.o. Box 1031
Muncie, IN 47308
Other Fabricated Wire Product Manufacturing
NAICS code 332618
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 740 businesses in the "Other Fabricated Wire Product Manufacturing" industry received a total of $222.27M 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 28 employees, 80% lower than Midwest Metal Products Co.,Inc's reported 143 employees, and received an average PPP loan of $300,368, 80% lower than this company's loan of $1.51M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!