PPP Loan Data — Carotek Inc, Matthews, NC
Location: Matthews, NCTweet This • Search All PPP Data
Carotek Inc is a corporation located at 700 Sam Newell Rd in Matthews, North Carolina that received a Coronavirus-related PPP loan from the SBA of $2,815,113.00 in April, 2020.
$ PPP Loan Information
Lender:TRUIST BANK D/B/A BRANCH BANKING & TRUST CO
Carotek Inc in Matthews, NC received a Paycheck Protection Loan of $2.82M through TRUIST BANK D/B/A BRANCH BANKING & TRUST CO, which was approved in April, 2020.
Based on standard PPP eligibility rules, Carotek Inc's total 2019 payroll expenses were approximately $13.51M in order to qualify for the PPP loan amount received.
Based on their reported 168 jobs retained, this equals an estimated average yearly compensation of $80,432 per employee1.
Business Information - Carotek Inc in Matthews, NC
700 Sam Newell Rd
Matthews, NC 28105
Industrial Machinery and Equipment Merchant Wholesalers (NAICS code 423830)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NC-09
Similar Companies near Matthews
In the Matthews area, 8 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 27 employees (compared to this company's 168) and received an average PPP loan of $440,430 (compared to this company's $2.82M).
Similar Nearby Businesses Who Received PPP Funding:
Pioneer Industrial Supply Inc
Turning Concepts, LLC
Whitlock Industrial Equipment
Mang Systems, Inc
Liquid Ice Corporation
Mechanical Equipment Company
Trapp Industrial Sales Company
Industry PPP Comparison Statistics
Nationwide, 7,320 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $1,713,685,837.00 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 15 employees, 91% lower than Carotek Inc's reported 168 employees, and received an average PPP loan of $234,110, 92% lower than this company's loan of $2.82M.
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.
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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