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PPP Loan Data — Collette Travel Service Inc,
Pawtucket, RI
Collette Travel Service Inc
Entity: Corporation
Industry: Tour Operators
Location: Pawtucket, RI
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Collette Travel Service Inc is a corporation located at 162 Middle St in Pawtucket, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #2979388409
Loan Size:
Jobs Retained:
268Loan Approved:
2021-02-04Loan Status:
Paid in Full or ForgivenLender:
Webster Bank National AssociationCollette Travel Service Inc in Pawtucket, RI received a Paycheck Protection Loan of $2M through Webster Bank National Association, 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 August, 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, Collette Travel Service Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 268 jobs retained, this equals an estimated average yearly compensation of $35,821 per employee1
Reported PPP Proceed Usage:
On the PPP application, Collette Travel Service Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,995
- Utilities: $1
Business Information - Collette Travel Service Inc in Pawtucket, RI
162 Middle St
Pawtucket, RI 2860
Business Industry:
Tour Operators
NAICS code 561520
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: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Pawtucket
In the Pawtucket area, 2 businesses in the "Tour Operators" industry received a PPP loan. These local businesses reported an average of 135 employees (compared to this company's 268) and received an average PPP loan of $1,007,950 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
MR. Lif Tours LLC
Pawtucket, RI
Industry PPP Comparison Statistics
Nationwide, 5,388 businesses in the "Tour Operators" industry received a total of $299.04M 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 7 employees, 97% lower than Collette Travel Service Inc's reported 268 employees, and received an average PPP loan of $55,501, 97% lower than this company's loan of $2M.
Collette Travel Service Inc
Entity: Corporation
Industry: Travel Agencies
Location: Pawtucket, RI
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Collette Travel Service Inc is a corporation located at 162 Middle St in Pawtucket, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $6,739,792.00 in August, 2020.
$
PPP Loan Information
Loan #5087598204
Loan Size:
Jobs Retained:
453Loan Approved:
2020-08-07Loan Status:
Paid in Full or ForgivenLender:
Webster Bank National AssociationCollette Travel Service Inc in Pawtucket, RI received a Paycheck Protection Loan of $6.74M through Webster Bank National Association, which was approved in August, 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, Collette Travel Service Inc's 2019 payroll expenses are estimated to be at least $32.35M.
Based on their reported 453 jobs retained, this equals an estimated average yearly compensation of $71,415 per employee1
Reported PPP Proceed Usage:
On the PPP application, Collette Travel Service Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $6,739,792
Business Information - Collette Travel Service Inc in Pawtucket, RI
162 Middle St
Pawtucket, RI 2860
Business Industry:
Travel Agencies
NAICS code 561510
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: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Pawtucket
In the Pawtucket area, 5 businesses in the "Travel Agencies" industry received a PPP loan. These local businesses reported an average of 93 employees (compared to this company's 453) and received an average PPP loan of $1,365,821 (compared to this company's $6.74M).
Similar Nearby Businesses Who Received PPP Funding:
Ben Vaz
Pawtucket, RI
Anchor Travel Inc
Pawtucket, RI
East Side Travel Agency Inc
Pawtucket, RI
Industry PPP Comparison Statistics
Nationwide, 20,717 businesses in the "Travel Agencies" industry received a total of $874.71M 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 4 employees, 99% lower than Collette Travel Service Inc's reported 453 employees, and received an average PPP loan of $42,222, 99% lower than this company's loan of $6.74M.
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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