PPP Loan Data — Modern Office Methods Inc, Blue Ash, OH
Modern Office Methods Inc is a subchapter s corporation located at 4747 Lake Forest Dr, Ste 200 in Blue Ash, Ohio that received a Coronavirus-related PPP loan from the SBA of $2,684,600.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:PNC Bank, National Association
Modern Office Methods Inc in Blue Ash, OH received a Paycheck Protection Loan of $2.68M through PNC Bank, 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 September, 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, Modern Office Methods Inc's 2019 payroll expenses are estimated to be at least $12.89M.
Based on their reported 204 jobs retained, this equals an estimated average yearly compensation of $63,167 per employee1
Reported PPP Proceed Usage:
On the PPP application, Modern Office Methods Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,684,600
Business Information - Modern Office Methods Inc in Blue Ash, OH
4747 Lake Forest Dr, Ste 200
Blue Ash, OH 45242
Office Equipment Merchant Wholesalers
NAICS code 423420
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Blue Ash
In the Blue Ash area, 3 businesses in the "Office Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 178 employees (compared to this company's 204) and received an average PPP loan of $2,451,031 (compared to this company's $2.68M).
Similar Nearby Businesses Who Received PPP Funding:
Loth Holdings LLC
Industry PPP Comparison Statistics
Nationwide, 2,083 businesses in the "Office Equipment Merchant Wholesalers" industry received a total of $361.54M 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 14 employees, 93% lower than Modern Office Methods Inc's reported 204 employees, and received an average PPP loan of $173,569, 94% lower than this company's loan of $2.68M.
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Footnotes & Information
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