PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Milara Inc, Milford, MA

ALERT: There are 2 PPP loans for a total of $1.35M in our database for businesses with the name "Milara Inc" in Milford, MA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Milara Inc
MA

Milara Inc

Entity: Corporation

Industry: Semiconductor Machinery Manufacturing

Location: Milford, MA

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Milara Inc is a corporation located at 49 Maple St in Milford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $674,585.00 in March, 2021.

The company has reported itself as a White male owned business, and employed at least 55 people during the applicable loan loan period.

$ PPP Loan Information
Loan #3953528704

Loan Size:

$674,585
PPP Funds Undisbursed

Jobs Retained:

55

Loan Approved:

2021-03-31

Loan Status:

Active Un-Disbursed

Lender:

Bank of America, National Association

Milara Inc in Milford, MA received a Paycheck Protection Loan of $674,585 through Bank of America, National Association, which was approved in March, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $674,585 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Milara Inc's 2019 payroll expenses are estimated to be at least $3.24M.

Based on their reported 55 jobs retained, this equals an estimated average yearly compensation of $58,873 per employee1

Reported PPP Proceed Usage:

On the PPP application, Milara Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $674,583
  • Utilities: $1

Business Information - Milara Inc in Milford, MA

Milara Inc
49 Maple St
Milford, MA 1757

Business Industry:
Semiconductor Machinery Manufacturing
NAICS code 333242

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Worcester County, MA — SBA Office 0101 — Congressional District: MA-04

Industry PPP Comparison Statistics

Nationwide, 215 businesses in the "Semiconductor Machinery Manufacturing" industry received a total of $76.16M 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 23 employees, 58% lower than Milara Inc's reported 55 employees, and received an average PPP loan of $354,239, 47% lower than this company's loan of $674,585.

SBA PPP loan data, payroll data, and salaries for Milara Inc
MA

Milara Inc

Entity: Corporation

Industry: Rolling Mill and Other Metalworking Machinery Manufacturing

Location: Milford, MA

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Milara Inc is a corporation located at 49 Maple St in Milford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $674,585.00 in April, 2020.

The company has reported itself as a White male owned business, and employed at least 68 people during the applicable loan loan period.

$ PPP Loan Information
Loan #7047267306

Loan Size:

$674,585

Jobs Retained:

68

Loan Approved:

2020-04-30

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Milara Inc in Milford, MA received a Paycheck Protection Loan of $674,585 through Bank of America, 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

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Milara Inc's 2019 payroll expenses are estimated to be at least $3.24M.

Based on their reported 68 jobs retained, this equals an estimated average yearly compensation of $47,618 per employee1

Reported PPP Proceed Usage:

On the PPP application, Milara Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $674,585

Business Information - Milara Inc in Milford, MA

Milara Inc
49 Maple St
Milford, MA 1757

Business Owner Demographics

Race: White

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Worcester County, MA — SBA Office 0101 — Congressional District: MA-04

Industry PPP Comparison Statistics

Nationwide, 466 businesses in the "Rolling Mill and Other Metalworking Machinery Manufacturing" industry received a total of $134.14M 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 24 employees, 65% lower than Milara Inc's reported 68 employees, and received an average PPP loan of $287,865, 57% lower than this company's loan of $674,585.

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.

Search FederalPay's Full PPP Loan Database

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.


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Source: www.federalpay.org/paycheck-protection-program/milara-inc-milford-ma