Rochester Midland Corporation in Rochester, NY - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Rochester Midland Corporation, Rochester, NY

Rochester Midland Corporation

Entity: Corporation

Industry: Soap and Other Detergent Manufacturing

Location: Rochester, NY

Rochester Midland Corporation is a corporation located at 155 Paragon Drive in Rochester, New York that received a Coronavirus-related PPP loan from the SBA of $4,404,250.00 in April, 2020.

$ PPP Loan Information
Loan #7733747101

Loan Size:

$4.4M

Jobs Retained:

313

Loan Approved:

2020-04-14

Loan Status:

Ongoing Loan

Lender:

Manufacturers and Traders Trust Company

Rochester Midland Corporation in Rochester, NY received a Paycheck Protection Loan of $4.4M through Manufacturers and Traders Trust Company, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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, Rochester Midland Corporation's 2019 payroll expenses are estimated to be at least $21.14M.

Based on their reported 313 jobs retained, this equals an estimated average yearly compensation of $67,541 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Rochester Midland Corporation reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,928,250
Utilities: $69,000
Mortgage Interest: $69,000
Rent: $76,000
Health Care: $205,000
Debt Interest: $57,000

Because the loan received by Rochester Midland Corporation 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 - Rochester Midland Corporation in Rochester, NY

Rochester Midland Corporation
155 Paragon Drive
Rochester, NY 14624

Business Industry:
Soap and Other Detergent Manufacturing
NAICS code 325611

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Monroe County, NY — SBA Office 0219 — Congressional District: NY-25

Similar Companies near Rochester

In the Rochester area, 3 businesses in the "Soap and Other Detergent Manufacturing" industry received a PPP loan. These local businesses reported an average of 106 employees (compared to this company's 313) and received an average PPP loan of $1,474,825 (compared to this company's $4.4M).

Similar Nearby Businesses Who Received PPP Funding:

Everclean Eastern, LLC
Rochester, NY

$9,674 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,428 businesses in the "Soap and Other Detergent Manufacturing" industry received a total of $162.26M 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 11 employees, 96% lower than Rochester Midland Corporation's reported 313 employees, and received an average PPP loan of $113,626, 97% lower than this company's loan of $4.4M.

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.

Have FederalPay.org's open data tools been valuable? Consider donating!