PPP Loan Data — Modec USA Inc, Cambridge, MA
Modec USA Inc
Location: Cambridge, MATweet This • Search All PPP Data
Modec USA Inc is a corporation located in Cambridge, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $21,786.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least one person during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Modec USA Inc in Cambridge, MA received a Paycheck Protection Loan of $21,786 through Bank of America, 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 July, 2021.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Modec USA Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $21,786
Business Information - Modec USA Inc in Cambridge, MA
* Full address is redacted to protect the privacy of individuals.
All Other Miscellaneous General Purpose Machinery Manufacturing
NAICS code 333999
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 8 other businesses that received a PPP loan registered to the same address as Modec USA Inc.
Digital Native Arts Inc
Electronic Shopping and Mail-Order Houses
Fluoptics Imaging Inc
Surgical and Medical Instrument Manufacturing
Axelia Consulting LLC
Food Service Contractors
Custom Computer Programming Services
GSX Groupware Solutions Inc
Other Computer Related Services
Similar Companies near Cambridge
In the Cambridge area, 2 businesses in the "All Other Miscellaneous General Purpose Machinery Manufacturing" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 1) and received an average PPP loan of $95,307 (compared to this company's $21,786).
Similar Nearby Businesses Who Received PPP Funding:
Pickle Robot Company
Industry PPP Comparison Statistics
Nationwide, 3,215 businesses in the "All Other Miscellaneous General Purpose Machinery Manufacturing" industry received a total of $641.36M 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, 1600% higher than Modec USA Inc's reported 1 employees, and received an average PPP loan of $199,491, 816% higher than this company's loan of $21,786.
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.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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