PPP Loan Data — MJM Holdings, Inc, Akron, OH
MJM Holdings, Inc
Entity: Subchapter S Corporation
Location: Akron, OHTweet This • Search All PPP Data
MJM Holdings, Inc is a subchapter s corporation located at 3421 Ridgewood Rd in Akron, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,362,900.00 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
Lender:The Huntington National Bank
MJM Holdings, Inc in Akron, OH received a Paycheck Protection Loan of $2.36M through The Huntington National Bank, 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, MJM Holdings, Inc's 2019 payroll expenses are estimated to be at least $11.34M.
Based on their reported 120 jobs retained, this equals an estimated average yearly compensation of $94,516 per employee1
Reported PPP Proceed Usage:
On the PPP application, MJM Holdings, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,362,900
Business Information - MJM Holdings, Inc in Akron, OH
3421 Ridgewood Rd
Akron, OH 44333
Commercial and Institutional Building Construction
NAICS code 236220
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: N
Rural / Urban: Urban
Similar Companies near Akron
In the Akron area, 20 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 20 employees (compared to this company's 120) and received an average PPP loan of $300,465 (compared to this company's $2.36M).
Similar Nearby Businesses Who Received PPP Funding:
CRM Enterprises, LLC
MJM Holdings Inc
Craven Construction Company
The Cornice Company Inc
Epic Millwork And Construction Inc
Noreastern Of Ohio Contracting Company
Industry PPP Comparison Statistics
Nationwide, 78,873 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.41B 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 12 employees, 90% lower than MJM Holdings, Inc's reported 120 employees, and received an average PPP loan of $157,325, 93% lower than this company's loan of $2.36M.
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Footnotes & Information
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