PPP Loan Data — Midwest Service Holdings, LLC, Fort Wayne, IN
Midwest Service Holdings, LLC is a limited liability company (LLC) located at 3301 Wayne Trace in Fort Wayne, Indiana that received a Coronavirus-related PPP loan from the SBA of $1,542,300.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 120 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Midwest Service Holdings, LLC in Fort Wayne, IN received a Paycheck Protection Loan of $1.54M through Premier Bank, which was approved in April, 2020.
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 Service Holdings, LLC's 2019 payroll expenses are estimated to be at least $7.4M.
Based on their reported 120 jobs retained, this equals an estimated average yearly compensation of $61,692 per employee1
Reported PPP Proceed Usage:
On the PPP application, Midwest Service Holdings, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,314,300
- Utilities: $60,000
- Rent: $78,000
- Health Care: $90,000
Business Information - Midwest Service Holdings, LLC in Fort Wayne, IN
3301 Wayne Trace
Fort Wayne, IN 46806
General Warehousing and Storage
NAICS code 493110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 4,995 businesses in the "General Warehousing and Storage" industry received a total of $771.67M 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 17 employees, 86% lower than Midwest Service Holdings, LLC's reported 120 employees, and received an average PPP loan of $154,488, 90% lower than this company's loan of $1.54M.
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Footnotes & Information
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