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PPP Loan Data — Castle Branch Inc,
Wilmington, NC
Castle Branch Inc
Entity: Subchapter S Corporation
Industry: Data Processing, Hosting, and Related Services
Location: Wilmington, NC
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Castle Branch Inc is a subchapter s corporation located at 1844 Sir Tyler Dr in Wilmington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,618,000.00 in April, 2020.
$
PPP Loan Information
Loan #9105267010
Loan Size:
Jobs Retained:
398Loan Approved:
2020-04-09Loan Status:
Paid in Full or ForgivenLender:
Truist BankCastle Branch Inc in Wilmington, NC received a Paycheck Protection Loan of $3.62M through Truist Bank, which was approved in April, 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 February, 2022.
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, Castle Branch Inc's 2019 payroll expenses are estimated to be at least $17.37M.
Based on their reported 398 jobs retained, this equals an estimated average yearly compensation of $43,634 per employee1
Reported PPP Proceed Usage:
On the PPP application, Castle Branch Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,618,000
Business Information - Castle Branch Inc in Wilmington, NC
1844 Sir Tyler Dr
Wilmington, NC 28405
Business Industry:
Data Processing, Hosting, and Related Services
NAICS code 518210
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: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 6 other businesses that received a PPP loan registered to the same address as Castle Branch Inc.
It Works Wilmington LLC
Other Computer Related Services
Bar Systems LLC
Custom Computer Programming Services
Fociis, LLC
All Other Business Support Services
Headwater Environmental Inc
Environmental Consulting Services
Wide Open Technologies
Custom Computer Programming Services
Student Success Academy LLC
Educational Support Services
Industry PPP Comparison Statistics
Nationwide, 9,816 businesses in the "Data Processing, Hosting, and Related Services" industry received a total of $1.38B 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, 97% lower than Castle Branch Inc's reported 398 employees, and received an average PPP loan of $140,678, 96% lower than this company's loan of $3.62M.
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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