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PPP Loan Data — B & F Machine Co Inc,
New Britain, CT
B & F Machine Co Inc
Entity: Corporation
Industry: Machine Shops
Location: New Britain, CT
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B & F Machine Co Inc is a corporation located at 145 Edgewood Ave in New Britain, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #9275118609
Loan Size:
Jobs Retained:
170Loan Approved:
2021-03-25Loan Status:
Active Un-DisbursedLender:
Bank of America, National AssociationB & F Machine Co Inc in New Britain, CT received a Paycheck Protection Loan of $2M through Bank of America, National Association, which was approved in March, 2021.
While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $2M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in March, 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, B & F Machine Co Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 170 jobs retained, this equals an estimated average yearly compensation of $56,471 per employee1
Reported PPP Proceed Usage:
On the PPP application, B & F Machine Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,999
- Utilities: $1
Business Information - B & F Machine Co Inc in New Britain, CT
145 Edgewood Ave
New Britain, CT 6051
Business Industry:
Machine Shops
NAICS code 332710
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 New Britain
In the New Britain area, 13 businesses in the "Machine Shops" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 170) and received an average PPP loan of $507,526 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Sirius Inc
New Britain, CT
K & R Precision Grinding, LLC
New Britain, CT
B & F Machine Co Inc
New Britain, CT
G&M Machine Co. LLC
New Britain, CT
New England Tool & Automation Inc
New Britain, CT
Salform Inc
New Britain, CT
Carrier Manufacturing Inc
New Britain, CT
Winslow Automatics Incorporated
New Britain, CT
Marian Krasowski
New Britain, CT
Industry PPP Comparison Statistics
Nationwide, 15,605 businesses in the "Machine Shops" industry received a total of $2.86B 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 16 employees, 91% lower than B & F Machine Co Inc's reported 170 employees, and received an average PPP loan of $183,220, 91% lower than this company's loan of $2M.
B & F Machine Co Inc
Entity: Corporation
Industry: Machine Shops
Location: New Britain, CT
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•
Search All PPP Data
B & F Machine Co Inc is a corporation located at 145 Edgewood Ave in New Britain, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,867,124.00 in April, 2020.
$
PPP Loan Information
Loan #3866357108
Loan Size:
Jobs Retained:
205Loan Approved:
2020-04-12Loan Status:
Ongoing LoanLender:
Bank of America, National AssociationB & F Machine Co Inc in New Britain, CT received a Paycheck Protection Loan of $2.87M through Bank of America, National Association, 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.
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, B & F Machine Co Inc's 2019 payroll expenses are estimated to be at least $13.76M.
Based on their reported 205 jobs retained, this equals an estimated average yearly compensation of $67,133 per employee1
Reported PPP Proceed Usage:
On the PPP application, B & F Machine Co Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,867,124
Business Information - B & F Machine Co Inc in New Britain, CT
145 Edgewood Ave
New Britain, CT 6051
Business Industry:
Machine Shops
NAICS code 332710
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age:
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near New Britain
In the New Britain area, 13 businesses in the "Machine Shops" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 205) and received an average PPP loan of $507,526 (compared to this company's $2.87M).
Similar Nearby Businesses Who Received PPP Funding:
Sirius Inc
New Britain, CT
K & R Precision Grinding, LLC
New Britain, CT
G&M Machine Co. LLC
New Britain, CT
New England Tool & Automation Inc
New Britain, CT
Salform Inc
New Britain, CT
Carrier Manufacturing Inc
New Britain, CT
Winslow Automatics Incorporated
New Britain, CT
Marian Krasowski
New Britain, CT
Industry PPP Comparison Statistics
Nationwide, 15,605 businesses in the "Machine Shops" industry received a total of $2.86B 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 16 employees, 92% lower than B & F Machine Co Inc's reported 205 employees, and received an average PPP loan of $183,220, 94% lower than this company's loan of $2.87M.
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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