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

PPP Loan Data — Ming Yang Overseas Trading Inc, New York, NY

ALERT: There are 2 PPP loans for a total of $259,390 in our database for businesses with the name "Ming Yang Overseas Trading Inc" in New York, NY. 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 Ming Yang Overseas Trading Inc
NY

Ming Yang Overseas Trading Inc

Entity: Corporation

Industry: All Other Personal Services

Location: New York, NY

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Ming Yang Overseas Trading Inc is a corporation located at 253 W 35th St Fl 8 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $134,905.00 in January, 2021.

The company has reported itself as an Asian male owned business, and employed at least eleven people during the applicable loan loan period.

$ PPP Loan Information
Loan #6716008309

Loan Size:

$134,905

Jobs Retained:

11

Loan Approved:

2021-01-27

Loan Status:

Paid in Full or Forgiven

Lender:

HSBC Bank USA, National Association

Ming Yang Overseas Trading Inc in New York, NY received a Paycheck Protection Loan of $134,905 through HSBC Bank USA, National Association, which was approved in January, 2021.

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 July, 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, Ming Yang Overseas Trading Inc's 2019 payroll expenses are estimated to be at least $647,544.

Based on their reported 11 jobs retained, this equals an estimated average yearly compensation of $58,868 per employee1

Reported PPP Proceed Usage:

On the PPP application, Ming Yang Overseas Trading Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $134,901
  • Utilities: $1

Business Information - Ming Yang Overseas Trading Inc in New York, NY

Ming Yang Overseas Trading Inc
253 W 35th St Fl 8
New York, NY 10001

Business Industry:
All Other Personal Services
NAICS code 812990

Business Owner Demographics

Race: Asian

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

New York County, NY — SBA Office 0202 — Congressional District: NY-10

Similar Companies near New York

In the New York area, 226 businesses in the "All Other Personal Services" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 11) and received an average PPP loan of $64,778 (compared to this company's $134,905).

Industry PPP Comparison Statistics

Nationwide, 231,198 businesses in the "All Other Personal Services" industry received a total of $5.51B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 3 employees, 73% lower than Ming Yang Overseas Trading Inc's reported 11 employees, and received an average PPP loan of $23,842, 82% lower than this company's loan of $134,905.

SBA PPP loan data, payroll data, and salaries for Ming Yang Overseas Trading, Inc
NY

Ming Yang Overseas Trading, Inc

Entity: Corporation

Industry: Sporting and Recreational Goods and Supplies Merchant Wholesalers

Location: New York, NY

Search All PPP Data

Ming Yang Overseas Trading, Inc is a corporation located at 253 West 35th Street, Fl 8 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $124,485.00 in April, 2020.

The company has reported itself as an Asian male owned business, and employed at least eleven people during the applicable loan loan period.

$ PPP Loan Information
Loan #9340957103

Loan Size:

$124,485

Jobs Retained:

11

Loan Approved:

2020-04-15

Loan Status:

Paid in Full or Forgiven

Lender:

HSBC Bank USA, National Association

Ming Yang Overseas Trading, Inc in New York, NY received a Paycheck Protection Loan of $124,485 through HSBC Bank USA, National Association, 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 May, 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, Ming Yang Overseas Trading, Inc's 2019 payroll expenses are estimated to be at least $597,528.

Based on their reported 11 jobs retained, this equals an estimated average yearly compensation of $54,321 per employee1

Reported PPP Proceed Usage:

On the PPP application, Ming Yang Overseas Trading, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $124,485

Business Information - Ming Yang Overseas Trading, Inc in New York, NY

Ming Yang Overseas Trading, Inc
253 West 35th Street, Fl 8
New York, NY 10001

Business Owner Demographics

Race: Asian

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

New York County, NY — SBA Office 0202 — Congressional District: NY-10

Similar Companies near New York

In the New York area, 21 businesses in the "Sporting and Recreational Goods and Supplies Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 27 employees (compared to this company's 11) and received an average PPP loan of $389,166 (compared to this company's $124,485).

Industry PPP Comparison Statistics

Nationwide, 6,518 businesses in the "Sporting and Recreational Goods and Supplies Merchant Wholesalers" industry received a total of $631.67M 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 10 employees, 9% lower than Ming Yang Overseas Trading, Inc's reported 11 employees, and received an average PPP loan of $96,912, 22% lower than this company's loan of $124,485.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/ming-yang-overseas-trading-inc-new-york-ny