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PPP Loan Data — Modern Parking Inc,
Los Angeles, CA
Modern Parking Inc
Entity: Corporation
Industry: Parking Lots and Garages
Location: Los Angeles, CA
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Modern Parking Inc is a corporation located at 303 S Union Ave Fl 1 in Los Angeles, California that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
The company has reported itself as an Asian owned business, and employed at least 297 people during the applicable loan loan period.
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PPP Loan Information
Loan #8149858602
Loan Size:
Jobs Retained:
297Loan Approved:
2021-03-24Loan Status:
Paid in Full or ForgivenLender:
California International Bank, A National Banking AssociationModern Parking Inc in Los Angeles, CA received a Paycheck Protection Loan of $2M through California International Bank, A National Banking Association, which was approved in March, 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 January, 2022.
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 MoreUnderstanding 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 MoreBased 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 Parking Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 297 jobs retained, this equals an estimated average yearly compensation of $32,323 per employee1
Reported PPP Proceed Usage:
On the PPP application, Modern Parking Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,994
- Utilities: $1
Business Information - Modern Parking Inc in Los Angeles, CA
303 S Union Ave Fl 1
Los Angeles, CA 90017
Business Industry:
Parking Lots and Garages
NAICS code 812930
Business Owner Demographics
Race: Asian
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Modern Parking Inc.
Modern Transit Enterprises Inc
All Other Transit and Ground Passenger Transportation
Similar Companies near Los Angeles
In the Los Angeles area, 19 businesses in the "Parking Lots and Garages" industry received a PPP loan. These local businesses reported an average of 76 employees (compared to this company's 297) and received an average PPP loan of $753,468 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
L And R Auto Parks Inc
Los Angeles, CA
Wallypark Orlando LLC
Los Angeles, CA
Paragon Parking Inc
Los Angeles, CA
L.r.w. Investment Company
Los Angeles, CA
Auto Integrity Recovery Inc
Los Angeles, CA
Wallypark Pennsylvania LLC
Los Angeles, CA
Wallypark Georgia LLC
Los Angeles, CA
Wallypark Jacksonville LLC
Los Angeles, CA
Hanks Wilshire Tow Inc
Los Angeles, CA
Industry PPP Comparison Statistics
Nationwide, 3,624 businesses in the "Parking Lots and Garages" industry received a total of $470.38M 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 21 employees, 93% lower than Modern Parking Inc's reported 297 employees, and received an average PPP loan of $129,797, 94% lower than this company's loan of $2M.
Modern Parking, Inc
Entity: Corporation
Industry: Parking Lots and Garages
Location: Los Angeles, CA
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•
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Modern Parking, Inc is a corporation located at 303 S Union Ave in Los Angeles, California that received a Coronavirus-related PPP loan from the SBA of $3,746,200.00 in April, 2020.
The company has reported itself as an Asian owned business, and employed at least 431 people during the applicable loan loan period.
$
PPP Loan Information
Loan #8843597001
Loan Size:
Jobs Retained:
431Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
US Metro BankModern Parking, Inc in Los Angeles, CA received a Paycheck Protection Loan of $3.75M through US Metro Bank, 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.
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 MoreUnderstanding 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 MoreBased 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 Parking, Inc's 2019 payroll expenses are estimated to be at least $17.98M.
Based on their reported 431 jobs retained, this equals an estimated average yearly compensation of $41,721 per employee1
Reported PPP Proceed Usage:
On the PPP application, Modern Parking, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,746,200
Business Information - Modern Parking, Inc in Los Angeles, CA
303 S Union Ave
Los Angeles, CA 90017
Business Industry:
Parking Lots and Garages
NAICS code 812930
Business Owner Demographics
Race: Asian
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Modern Parking, Inc.
Modern Apex Enterprises
All Other Specialty Trade Contractors
Modern Parking Service, Inc
Parking Lots and Garages
Similar Companies near Los Angeles
In the Los Angeles area, 19 businesses in the "Parking Lots and Garages" industry received a PPP loan. These local businesses reported an average of 76 employees (compared to this company's 431) and received an average PPP loan of $753,468 (compared to this company's $3.75M).
Similar Nearby Businesses Who Received PPP Funding:
L And R Auto Parks Inc
Los Angeles, CA
Wallypark Orlando LLC
Los Angeles, CA
Paragon Parking Inc
Los Angeles, CA
L.r.w. Investment Company
Los Angeles, CA
Auto Integrity Recovery Inc
Los Angeles, CA
Wallypark Pennsylvania LLC
Los Angeles, CA
Wallypark Georgia LLC
Los Angeles, CA
Wallypark Jacksonville LLC
Los Angeles, CA
Hanks Wilshire Tow Inc
Los Angeles, CA
Industry PPP Comparison Statistics
Nationwide, 3,624 businesses in the "Parking Lots and Garages" industry received a total of $470.38M 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 21 employees, 95% lower than Modern Parking, Inc's reported 431 employees, and received an average PPP loan of $129,797, 97% lower than this company's loan of $3.75M.
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.
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