M & K EMPLOYEE SERVICES, INC.
PPP Loan approved Apr 9, 2020 through The Huntington National Bank
Borrower Information
Business Details
Lender Information
Self-Reported Demographics
How Proceeds Were Used
| Category | Amount | % of Total Proceeds |
|---|---|---|
| Payroll | $9,980,252.50 | 100.0% |
About This Loan
M & K EMPLOYEE SERVICES, INC. received a PPP loan of $9,980,253 approved on Apr 9, 2020. The loan was originated by The Huntington National Bank.
M & K EMPLOYEE SERVICES, INC. is a corporation located in BYRON CENTER, Michigan. At the time of the application, the business was described as "new business or 2 years or less".
The business operates in the Automotive Equipment Rental and Leasing industry (NAICS 532120), part of the Real Estate and Rental and Leasing sector of the economy. The applicant reported 500 jobs as retained through this loan.
The SBA forgave $10,105,757.59 of this loan — 101.3% of the total approved amount, with forgiveness recorded on Jul 21, 2021. This means the borrower was not required to repay this portion, having satisfied the PPP's eligibility criteria for forgiveness, including maintaining payroll levels and using the funds for qualified expenses.
According to the SBA's records, the proceeds of this loan were allocated as follows: $9,980,253 to payroll. The payroll component represents 100.0% of disclosed proceeds, consistent with the program's requirement that at least 60% of loan funds be used for payroll costs to qualify for full forgiveness.
This loan is one of millions approved nationwide during the COVID-19 pandemic. To explore other recipients in Michigan, visit the Michigan page. To compare this loan with others in the same industry, see the Automotive Equipment Rental and Leasing industry page.