PPP Loan Data — Butterfly Network, Inc, Guilford, CT

Butterfly Network, Inc is a corporation located at 530 Old Whitfield St in Guilford, Connecticut that received a Coronavirus-related PPP loan from the SBA of $4,365,930.00 in May, 2020.

$ PPP Loan Information

Loan #5224977702

Butterfly Network, Inc in Guilford, CT received a Paycheck Protection Loan of $4.37M 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 April, 2021.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 200 jobs reported as retained on the PPP application³. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 210. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

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, Butterfly Network, Inc's 2019 payroll expenses are estimated to be at least $20.96M (not accounting for salary amounts > $100k).

Because the 200 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Butterfly Network, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $4,365,930

Business Information - Butterfly Network, Inc in Guilford, CT

Industry PPP Comparison Statistics

Nationwide, 2,662 businesses in the "Research and Development in the Social Sciences and Humanities" industry received a total of $405.98M 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 13 employees, 94% lower than Butterfly Network, Inc's reported 200 employees, and received an average PPP loan of $152,508, 97% lower than this company's loan of $4.37M.