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

PPP Loan Data — Candy Kitchen Shoppes Inc, Ocean City, MD

ALERT: There are 2 PPP loans for a total of $990,970 in our database for businesses with the name "Candy Kitchen Shoppes Inc" in Ocean City, MD. 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 Candy Kitchen Shoppes Inc
MD

Candy Kitchen Shoppes Inc

Entity: Corporation

Industry: Nonchocolate Confectionery Manufacturing

Location: Ocean City, MD

Search All PPP Data

Candy Kitchen Shoppes Inc is a corporation located at 5301 Coastal Hwy in Ocean City, Maryland that received a Coronavirus-related PPP loan from the SBA of $555,250.00 in March, 2021.

$ PPP Loan Information
Loan #6279218608

Loan Size:

$555,250

Jobs Retained:

100

Loan Approved:

2021-03-23

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Candy Kitchen Shoppes Inc in Ocean City, MD received a Paycheck Protection Loan of $555,250 through Bank of America, National Association, which was approved in March, 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, Candy Kitchen Shoppes Inc's 2019 payroll expenses are estimated to be at least $2.67M.

Based on their reported 100 jobs retained, this equals an estimated average yearly compensation of $26,652 per employee1

Reported PPP Proceed Usage:

On the PPP application, Candy Kitchen Shoppes Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $555,248
  • Utilities: $1

Business Information - Candy Kitchen Shoppes Inc in Ocean City, MD

Candy Kitchen Shoppes Inc
5301 Coastal Hwy
Ocean City, MD 21842

Business Industry:
Nonchocolate Confectionery Manufacturing
NAICS code 311340

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: Y

Rural / Urban: Rural

Worcester County, MD — SBA Office 0373 — Congressional District: MD-01

Similar Companies near Ocean City

In the Ocean City area, 2 businesses in the "Nonchocolate Confectionery Manufacturing" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 100) and received an average PPP loan of $360,826 (compared to this company's $555,250).

Similar Nearby Businesses Who Received PPP Funding:

Dolle's Candyland Inc
Ocean City, MD

$166,401 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 574 businesses in the "Nonchocolate Confectionery Manufacturing" industry received a total of $136.63M 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 25 employees, 75% lower than Candy Kitchen Shoppes Inc's reported 100 employees, and received an average PPP loan of $238,030, 57% lower than this company's loan of $555,250.

SBA PPP loan data, payroll data, and salaries for Candy Kitchen Shoppes Inc
MD

Candy Kitchen Shoppes Inc

Entity: Corporation

Industry: Confectionery and Nut Stores

Location: Ocean City, MD

Search All PPP Data

Candy Kitchen Shoppes Inc is a corporation located at 5301 Coastal Hwy in Ocean City, Maryland that received a Coronavirus-related PPP loan from the SBA of $435,720.00 in May, 2020.

$ PPP Loan Information
Loan #6332557707

Loan Size:

$435,720

Jobs Retained:

45

Loan Approved:

2020-05-01

Loan Status:

Ongoing Loan

Lender:

Bank of America, National Association

Candy Kitchen Shoppes Inc in Ocean City, MD received a Paycheck Protection Loan of $435,720 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, Candy Kitchen Shoppes Inc's 2019 payroll expenses are estimated to be at least $2.09M.

Based on their reported 45 jobs retained, this equals an estimated average yearly compensation of $46,477 per employee1

Reported PPP Proceed Usage:

On the PPP application, Candy Kitchen Shoppes Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $435,720

Business Information - Candy Kitchen Shoppes Inc in Ocean City, MD

Candy Kitchen Shoppes Inc
5301 Coastal Hwy
Ocean City, MD 21842

Business Industry:
Confectionery and Nut Stores
NAICS code 445292

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: N

HUBZone: Y

Rural / Urban: Urban

Worcester County, MD — SBA Office 0373 — Congressional District: MD-01

Similar Companies near Ocean City

In the Ocean City area, 5 businesses in the "Confectionery and Nut Stores" industry received a PPP loan. These local businesses reported an average of 39 employees (compared to this company's 45) and received an average PPP loan of $127,186 (compared to this company's $435,720).

Industry PPP Comparison Statistics

Nationwide, 2,067 businesses in the "Confectionery and Nut Stores" industry received a total of $95.93M 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 10 employees, 78% lower than Candy Kitchen Shoppes Inc's reported 45 employees, and received an average PPP loan of $46,412, 89% lower than this company's loan of $435,720.

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/candy-kitchen-shoppes-inc-ocean-city-md