PPP Loan Data — Morgan Finance Inc, Decatur, AL
Morgan Finance Inc is a subchapter s corporation located at 1815 6th Ave Se in Decatur, Alabama that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Morgan Finance Inc in Decatur, AL received a Paycheck Protection Loan of $25,200 through Regions Bank, which was approved in April, 2020.
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, Morgan Finance Inc's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,320 per employee1
Reported PPP Proceed Usage:
On the PPP application, Morgan Finance Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - Morgan Finance Inc in Decatur, AL
1815 6th Ave Se
Decatur, AL 35601
NAICS code 522291
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Decatur
In the Decatur area, 5 businesses in the "Consumer Lending" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 3) and received an average PPP loan of $39,425 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
ABC Credit, Inc
Decatur Finance Inc
First Alabama Loans Inc
First State Loans, Inc
Industry PPP Comparison Statistics
Nationwide, 2,036 businesses in the "Consumer Lending" industry received a total of $294.22M 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 13 employees, 333% higher than Morgan Finance Inc's reported 3 employees, and received an average PPP loan of $144,509, 473% higher than this company's loan of $25,200.
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Footnotes & Information
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