PPP Loan Data — Mill-Equip Products, Inc, Bessemer, AL
Mill-Equip Products, Inc is a corporation located at 423 20th Street, North in Bessemer, Alabama that received a Coronavirus-related PPP loan from the SBA of $46,700.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Mill-Equip Products, Inc in Bessemer, AL received a Paycheck Protection Loan of $46,700 through Truist Bank d/b/a Branch Banking & Trust Co, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in February, 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, Mill-Equip Products, Inc's 2019 payroll expenses are estimated to be at least $224,160.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $56,040 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mill-Equip Products, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,700
Business Information - Mill-Equip Products, Inc in Bessemer, AL
423 20th Street, North
Bessemer, AL 35020
NAICS code 332710
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 16,572 businesses in the "Machine Shops" industry received a total of $2.92B 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 15 employees, 275% higher than Mill-Equip Products, Inc's reported 4 employees, and received an average PPP loan of $176,279, 277% higher than this company's loan of $46,700.
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Footnotes & Information
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