PPP Loan Data — Momentum Engineering Corp., A California Corporation, Torrance, CA
Momentum Engineering Corp., A California Corporation is a corporation located at 2862 Columbia St in Torrance, California that received a Coronavirus-related PPP loan from the SBA of $612,757.00 in May, 2020.
The company has reported itself as a male owned business, and employed at least 37 people during the applicable loan loan period.
$ PPP Loan Information
Lender:MUFG UNION BANK, NATIONAL ASSOCIATION
Momentum Engineering Corp., A California Corporation received a Paycheck Protection Loan of $612,757 through MUFG UNION BANK, NATIONAL ASSOCIATION, which was approved in May, 2020.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 0.
Based on standard PPP eligibility rules, Momentum Engineering Corp., A California Corporation's total 2019 payroll expenses were approximately $2.94M in order to qualify for the PPP loan amount received.
Based on their reported 37 jobs retained, this equals an estimated average yearly compensation of $79,493 per employee1.
Business Information - Momentum Engineering Corp., A California Corporation in Torrance, CA
2862 Columbia St
Torrance, CA 90503
Engineering Services (NAICS code 541330)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: CA-33
Similar Companies near Torrance
In the Torrance area, 18 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 37) and received an average PPP loan of $381,609 (compared to this company's $612,757).
Similar Nearby Businesses Who Received PPP Funding:
Trick Concepts Inc.
System Technical Support Corporation
Mark Lee Richards DBA Structure Six
Divergent Technologies Inc
Sun Environmental Engineering Services, Inc.
Breen Engineering Inc
Jauvtis Engineering Inc
Partner Energy, Inc.
Industry PPP Comparison Statistics
Nationwide, 28,113 businesses in the "Engineering Services" industry received a total of $7,024,215,141.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 14 employees, 62% lower than Momentum Engineering Corp., A California Corporation's reported 37 employees, and received an average PPP loan of $249,856, 59% lower than this company's loan of $612,757.
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. 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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