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PPP Loan Data — Society Of Manufacturing Engineers,
Southfield, MI
Society Of Manufacturing Engineers
Entity: Non-profit Organization
Industry: Civic and Social Organizations
Location: Southfield, MI
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Society Of Manufacturing Engineers is a non-profit organization located at 1000 Town Ctr Ste 1910 in Southfield, Michigan that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.
$
PPP Loan Information
Loan #9685768303
Loan Size:
Jobs Retained:
194Loan Approved:
2021-01-31Loan Status:
Paid in Full or ForgivenLender:
Bank of America, National AssociationSociety Of Manufacturing Engineers in Southfield, MI received a Paycheck Protection Loan of $2M through Bank of America, National Association, which was approved in January, 2021.
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 February, 2022.
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.
Read MoreUnderstanding 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.
Read MoreBased 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, Society Of Manufacturing Engineers' 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 194 jobs retained, this equals an estimated average yearly compensation of $49,485 per employee1
Reported PPP Proceed Usage:
On the PPP application, Society Of Manufacturing Engineers reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Society Of Manufacturing Engineers in Southfield, MI
1000 Town Ctr Ste 1910
Southfield, MI 48075
Business Industry:
Civic and Social Organizations
NAICS code 813410
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: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Southfield
In the Southfield area, 6 businesses in the "Civic and Social Organizations" industry received a PPP loan. These local businesses reported an average of 39 employees (compared to this company's 194) and received an average PPP loan of $379,074 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Ieom Society International
Southfield, MI
Michigan Council Of Women In Technology Foundation
Southfield, MI
The Alliance For A Safer Greater Detroit
Southfield, MI
Chance For Life Organization Inc
Southfield, MI
Industry PPP Comparison Statistics
Nationwide, 18,467 businesses in the "Civic and Social Organizations" industry received a total of $2.6B 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 20 employees, 90% lower than Society Of Manufacturing Engineers' reported 194 employees, and received an average PPP loan of $140,703, 93% lower than this company's loan of $2M.
Society Of Manufacturing Engineers
Entity: Non-profit Organization
Industry: Professional Organizations
Location: Southfield, MI
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Society Of Manufacturing Engineers is a non-profit organization located at 1000 Town Ctr Ste 1910 in Southfield, Michigan that received a Coronavirus-related PPP loan from the SBA of $3,646,812.00 in May, 2020.
$
PPP Loan Information
Loan #5670887710
Loan Size:
Jobs Retained:
208Loan Approved:
2020-05-01Loan Status:
Paid in Full or ForgivenLender:
Bank of America, National AssociationSociety Of Manufacturing Engineers in Southfield, MI received a Paycheck Protection Loan of $3.65M through Bank of America, National Association, 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 July, 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.
Read MoreUnderstanding 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.
Read MoreBased 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, Society Of Manufacturing Engineers' 2019 payroll expenses are estimated to be at least $17.5M.
Based on their reported 208 jobs retained, this equals an estimated average yearly compensation of $84,157 per employee1
Reported PPP Proceed Usage:
On the PPP application, Society Of Manufacturing Engineers reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,646,812
Business Information - Society Of Manufacturing Engineers in Southfield, MI
1000 Town Ctr Ste 1910
Southfield, MI 48075
Business Industry:
Professional Organizations
NAICS code 813920
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: Y
HUBZone: N
Rural / Urban: Urban
Similar Companies near Southfield
In the Southfield area, 7 businesses in the "Professional Organizations" industry received a PPP loan. These local businesses reported an average of 35 employees (compared to this company's 208) and received an average PPP loan of $579,879 (compared to this company's $3.65M).
Similar Nearby Businesses Who Received PPP Funding:
Better Business Bureau Detroit And Eastern Michigan
Southfield, MI
The Engineering Society Of Detroit
Southfield, MI
FR Associates
Southfield, MI
Eboni Harrington
Southfield, MI
Michigan Interscholastic Forensic Association
Southfield, MI
Industry PPP Comparison Statistics
Nationwide, 9,453 businesses in the "Professional Organizations" industry received a total of $902.32M 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 8 employees, 96% lower than Society Of Manufacturing Engineers' reported 208 employees, and received an average PPP loan of $95,453, 97% lower than this company's loan of $3.65M.
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. 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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