PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Society Of Manufacturing Engineers, Southfield, MI

ALERT: There are 2 PPP loans for a total of $5.65M in our database for businesses with the name "Society Of Manufacturing Engineers" in Southfield, MI. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Society Of Manufacturing Engineers
MI Nonprofit Organization

Society Of Manufacturing Engineers

Entity: Non-profit Organization

Industry: Civic and Social Organizations

Location: Southfield, MI

Search All PPP Data

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:

$2M

Jobs Retained:

194

Loan Approved:

2021-01-31

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Society 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 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.

Read More
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.

Read More

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, 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
Because the loan received by Society Of Manufacturing Engineers 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 - Society Of Manufacturing Engineers in Southfield, MI

Society Of Manufacturing Engineers
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

Oakland County, MI — SBA Office 0515 — Congressional District: MI-14

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 $377,850 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 17,266 businesses in the "Civic and Social Organizations" industry received a total of $2.4B 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 $139,283, 93% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Society Of Manufacturing Engineers
MI Nonprofit Organization

Society Of Manufacturing Engineers

Entity: Non-profit Organization

Industry: Professional Organizations

Location: Southfield, MI

Search All PPP Data

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:

$3.65M

Jobs Retained:

208

Loan Approved:

2020-05-01

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Society 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 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.

Read More
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.

Read More

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, 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
Because the loan received by Society Of Manufacturing Engineers 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 - Society Of Manufacturing Engineers in Southfield, MI

Society Of Manufacturing Engineers
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

Oakland County, MI — SBA Office 0515 — Congressional District: MI-14

Similar Companies near Southfield

In the Southfield area, 5 businesses in the "Professional Organizations" industry received a PPP loan. These local businesses reported an average of 48 employees (compared to this company's 208) and received an average PPP loan of $810,178 (compared to this company's $3.65M).

Industry PPP Comparison Statistics

Nationwide, 8,603 businesses in the "Professional Organizations" industry received a total of $866.17M 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 9 employees, 96% lower than Society Of Manufacturing Engineers' reported 208 employees, and received an average PPP loan of $100,682, 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.

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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Source: www.federalpay.org/paycheck-protection-program/society-of-manufacturing-engineers-southfield-mi