PPP Loan Data — Commercial Sewing Inc, Torrington, CT
Commercial Sewing Inc
Entity: Subchapter S Corporation
Location: Torrington, CTTweet This • Search All PPP Data
Commercial Sewing Inc is a subchapter s corporation located at 65 Grant St in Torrington, Connecticut that received a Coronavirus-related PPP loan from the SBA of $1,603,100.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:People's United Bank, National Association
Commercial Sewing Inc in Torrington, CT received a Paycheck Protection Loan of $1.6M through People's United Bank, National Association, 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 April, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
Based 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, Commercial Sewing Inc's 2019 payroll expenses are estimated to be at least $7.69M.
Based on their reported 155 jobs retained, this equals an estimated average yearly compensation of $49,644 per employee1
Reported PPP Proceed Usage:
On the PPP application, Commercial Sewing Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,603,100
Business Information - Commercial Sewing Inc in Torrington, CT
65 Grant St
Torrington, CT 6790
All Other Leather Good and Allied Product Manufacturing
NAICS code 316998
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 1,284 businesses in the "All Other Leather Good and Allied Product Manufacturing" industry received a total of $90.78M 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 8 employees, 95% lower than Commercial Sewing Inc's reported 155 employees, and received an average PPP loan of $70,698, 96% lower than this company's loan of $1.6M.
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Footnotes & Information
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