Mssl Wiring System Inc in Warren, OH - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Mssl Wiring System Inc, Warren, OH

Mssl Wiring System Inc

Entity: Not Reported

Industry: Unknown

Location: Warren, OH

Mssl Wiring System Inc is a located at 8640 East Market Street in Warren, Ohio that received a Coronavirus-related PPP loan from the SBA of $4,269,545.00 in May, 2020.

$ PPP Loan Information
Loan #1002437809

Loan Size:

$4.27M

Jobs Retained:

384

Loan Approved:

2020-05-01

Loan Status:

Paid in Full or Forgiven

Lender:

The Huntington National Bank

Mssl Wiring System Inc in Warren, OH received a Paycheck Protection Loan of $4.27M through The Huntington National Bank, which was approved in May, 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 August, 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.

Understanding 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.

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, Mssl Wiring System Inc's 2019 payroll expenses are estimated to be at least $20.49M.

Based on their reported 384 jobs retained, this equals an estimated average yearly compensation of $53,369 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Mssl Wiring System Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,269,545

Because the loan received by Mssl Wiring System Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Mssl Wiring System Inc in Warren, OH

Mssl Wiring System Inc
8640 East Market Street
Warren, OH 44484

Business Industry:
Unknown
NAICS code 0

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Trumbull County, OH — SBA Office 0549 — Congressional District: OH-13

Similar Companies near Warren

In the Warren area, 1,621 businesses in the "Unknown" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 384) and received an average PPP loan of $115,143 (compared to this company's $4.27M).

Similar Nearby Businesses Who Received PPP Funding:

Jeffrey D Spiegle DDS
Warren, OH

$13,665 PPP Loan

Jeff Byards Auto Services Inc
Warren, OH

$7,800 PPP Loan

Steppin Stone
Warren, OH

$3,040 PPP Loan

B.k. Donuts LLC
Warren, OH

$35,452 PPP Loan

Empowering People Management Inc
Warren, OH

$8.47M PPP Loan

Xuka Nguyen, Inc
Warren, OH

$44,715 PPP Loan

Flam Corp
Warren, OH

$8,335 PPP Loan

E B Baker And Sons Inc
Warren, OH

$45,090 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 132,342 businesses in the "Unknown" industry received a total of $5.86B 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 13 employees, 97% lower than Mssl Wiring System Inc's reported 384 employees, and received an average PPP loan of $44,250, 99% lower than this company's loan of $4.27M.

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.

Search FederalPay's Full PPP Loan Database

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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