FederalPay.org
PPP Loan Data — CGC Holdings Inc,
Jessup, MD
CGC Holdings Inc
Entity: Corporation
Industry: Fresh Fruit and Vegetable Merchant Wholesalers
Location: Jessup, MD
Tweet This
•
Search All PPP Data
CGC Holdings Inc is a corporation located at 7540 Assateague Dr in Jessup, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #1561318408
Loan Size:
Jobs Retained:
273Loan Approved:
2021-02-02Loan Status:
Paid in Full or ForgivenLender:
First National Bank of PennsylvaniaCGC Holdings Inc in Jessup, MD received a Paycheck Protection Loan of $2M through First National Bank of Pennsylvania, which was approved in February, 2021.
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 January, 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, CGC Holdings Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 273 jobs retained, this equals an estimated average yearly compensation of $35,165 per employee1
Reported PPP Proceed Usage:
On the PPP application, CGC Holdings Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,995
- Utilities: $1
Business Information - CGC Holdings Inc in Jessup, MD
7540 Assateague Dr
Jessup, MD 20794
Business Industry:
Fresh Fruit and Vegetable Merchant Wholesalers
NAICS code 424480
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
Similar Companies near Jessup
In the Jessup area, 17 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 273) and received an average PPP loan of $731,138 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Tony Vitrano Company
Jessup, MD
Leo's Produce Co., Inc
Jessup, MD
A. J. Fava Produce Co., LLC
Jessup, MD
Pete Pappas & Sons, Inc
Jessup, MD
Sudano's Produce, LLC
Jessup, MD
Rainbow F And P Inc
Jessup, MD
Class Produce Group LLC
Jessup, MD
Coosemans DC Inc
Jessup, MD
Industry PPP Comparison Statistics
Nationwide, 4,086 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a total of $796.88M 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 19 employees, 93% lower than CGC Holdings Inc's reported 273 employees, and received an average PPP loan of $195,027, 90% lower than this company's loan of $2M.
CGC Holdings Inc
Entity: Corporation
Industry: Fresh Fruit and Vegetable Merchant Wholesalers
Location: Jessup, MD
Tweet This
•
Search All PPP Data
CGC Holdings Inc is a corporation located at 7540 Assateague Dr in Jessup, Maryland that received a Coronavirus-related PPP loan from the SBA of $3,886,450.00 in April, 2020.
$
PPP Loan Information
Loan #4463377005
Loan Size:
Jobs Retained:
225Loan Approved:
2020-04-03Loan Status:
Paid in Full or ForgivenLender:
First National Bank of PennsylvaniaCGC Holdings Inc in Jessup, MD received a Paycheck Protection Loan of $3.89M through First National Bank of Pennsylvania, 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 July, 2021.
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, CGC Holdings Inc's 2019 payroll expenses are estimated to be at least $18.65M.
Based on their reported 225 jobs retained, this equals an estimated average yearly compensation of $82,911 per employee1
Reported PPP Proceed Usage:
On the PPP application, CGC Holdings Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,886,450
Business Information - CGC Holdings Inc in Jessup, MD
7540 Assateague Dr
Jessup, MD 20794
Business Industry:
Fresh Fruit and Vegetable Merchant Wholesalers
NAICS code 424480
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
Similar Companies near Jessup
In the Jessup area, 17 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 225) and received an average PPP loan of $731,138 (compared to this company's $3.89M).
Similar Nearby Businesses Who Received PPP Funding:
Tony Vitrano Company
Jessup, MD
Leo's Produce Co., Inc
Jessup, MD
A. J. Fava Produce Co., LLC
Jessup, MD
Pete Pappas & Sons, Inc
Jessup, MD
Sudano's Produce, LLC
Jessup, MD
Rainbow F And P Inc
Jessup, MD
Class Produce Group LLC
Jessup, MD
Coosemans DC Inc
Jessup, MD
Industry PPP Comparison Statistics
Nationwide, 4,086 businesses in the "Fresh Fruit and Vegetable Merchant Wholesalers" industry received a total of $796.88M 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 19 employees, 92% lower than CGC Holdings Inc's reported 225 employees, and received an average PPP loan of $195,027, 95% lower than this company's loan of $3.89M.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!