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

PPP Loan Data — Younger MFG. Co, Torrance, CA

SBA PPP loan data, payroll data, and salaries for Younger MFG. Co
CA

Younger MFG. Co

Entity: Corporation

Industry: Ophthalmic Goods Manufacturing

Location: Torrance, CA

Search All PPP Data

Younger MFG. Co is a corporation located at 2925 California St in Torrance, California that received a Coronavirus-related PPP loan from the SBA of $4,074,400.00 in April, 2020.

$ PPP Loan Information
Loan #7714617004

Loan Size:

$4.07M

Jobs Retained:

326

Loan Approved:

2020-04-08

Loan Status:

Paid in Full or Forgiven

Lender:

Comerica Bank

Younger MFG. Co in Torrance, CA received a Paycheck Protection Loan of $4.07M through Comerica Bank, which was approved in April, 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 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, Younger MFG. Co's 2019 payroll expenses are estimated to be at least $19.56M.

Based on their reported 326 jobs retained, this equals an estimated average yearly compensation of $59,991 per employee1

Reported PPP Proceed Usage:

On the PPP application, Younger MFG. Co reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,259,594
  • Mortgage Interest: $814,806
Because the loan received by Younger MFG. Co 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 - Younger MFG. Co in Torrance, CA

Younger MFG. Co
2925 California St
Torrance, CA 90503

Business Industry:
Ophthalmic Goods Manufacturing
NAICS code 339115

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

Los Angeles County, CA — SBA Office 0914 — Congressional District: CA-33

Similar Companies near Torrance

In the Torrance area, 2 businesses in the "Ophthalmic Goods Manufacturing" industry received a PPP loan. These local businesses reported an average of 174 employees (compared to this company's 326) and received an average PPP loan of $2,257,800 (compared to this company's $4.07M).

Similar Nearby Businesses Who Received PPP Funding:

Indizen Optical Technologies Of America, LLC
Torrance, CA

$441,200 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 525 businesses in the "Ophthalmic Goods Manufacturing" industry received a total of $93.47M 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 17 employees, 95% lower than Younger MFG. Co's reported 326 employees, and received an average PPP loan of $178,031, 96% lower than this company's loan of $4.07M.

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!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/younger-mfg-co-torrance-ca