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PPP Loan Data — Cardi's Department Store Inc., Swansea, MA

SBA PPP loan data, payroll data, and salaries for Cardi's Department Store Inc.
MA

Cardi's Department Store Inc.

Entity: Corporation

Industry: Furniture Stores

Location: Swansea, MA

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Cardi's Department Store Inc. is a corporation located at 1 Furniture Way in Swansea, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $4,732,700.00 in April, 2020.

The company has reported itself as a White male owned business.

$ PPP Loan Information

Loan Size:

$4.73M

Jobs Retained:

0 Unreported

Loan Approved:

2020-04-03

Lender:

THE WASHINGTON TRUST COMPANY OF WESTERLY

Cardi's Department Store Inc. in Swansea, MA received a Paycheck Protection Loan of $4.73M through THE WASHINGTON TRUST COMPANY OF WESTERLY, which was approved in April, 2020.

Based on standard PPP eligibility rules, Cardi's Department Store Inc.'s total 2019 payroll expenses were approximately $22.72M in order to qualify for the PPP loan amount received.

Unlike most businesses, Cardi's Department Store Inc.'s PPP data does not report the number of jobs retained by their receipt of the Paycheck Protection Loan (some banks did not release this infomation from their loan applications). Without this data, per-employee payrolls for this company cannot be estimated.

Because the loan received by Cardi's Department Store Inc. 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 - Cardi's Department Store Inc. in Swansea, MA

Cardi's Department Store Inc.
1 Furniture Way
Swansea, MA 02777

Business Industry

Furniture Stores (NAICS code 442110)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: Unreported

Congressional District: MA-04

Industry PPP Comparison Statistics

Nationwide, 10,527 businesses in the "Furniture Stores" industry received a total of $1,068,363,849.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 10 employees, and received an average PPP loan of $101,488, 98% lower than this company's loan of $4.73M.

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, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. 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/cardis-department-store-inc-swansea-ma