PPP Loan Data — REA Magnet Wire Company, Inc., Fort Wayne, IN
REA Magnet Wire Company, Inc. is a corporation located at 3400 E. Coliseum Blvd. Ste 200 in Fort Wayne, Indiana that received a Coronavirus-related PPP loan from the SBA of $9,282,870.00 in April, 2020.
$ PPP Loan Information
Lender:JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
REA Magnet Wire Company, Inc. in Fort Wayne, IN received a Paycheck Protection Loan of $9.28M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, REA Magnet Wire Company, Inc.'s total 2019 payroll expenses were approximately $44.56M in order to qualify for the PPP loan amount received.
Based on their reported 498 jobs retained, this equals an estimated average yearly compensation of $89,473 per employee1.
Business Information - REA Magnet Wire Company, Inc. in Fort Wayne, IN
3400 E. Coliseum Blvd. Ste 200
Fort Wayne, IN 46805
Copper Rolling, Drawing, Extruding, and Alloying (NAICS code 331420)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: IN-03
Industry PPP Comparison Statistics
Nationwide, 92 businesses in the "Copper Rolling, Drawing, Extruding, and Alloying" industry received a total of $62,578,837.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 48 employees, 90% lower than REA Magnet Wire Company, Inc.'s reported 498 employees, and received an average PPP loan of $680,205, 93% lower than this company's loan of $9.28M.
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, and is published unmodified, as provided by the SBA.
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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