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PPP Loan Data — Connors & Associates Inc,
Boston, MA
Connors & Associates Inc
Entity: Corporation
Industry: Employment Placement Agencies
Location: Boston, MA
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Connors & Associates Inc is a corporation located at 50 Franklin St Fl 3 in Boston, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $122,500.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least seven people during the applicable loan loan period.
$
PPP Loan Information
Loan #8976058308
Loan Size:
Jobs Retained:
7Loan Approved:
2021-01-30Loan Status:
Ongoing LoanLender:
Eastern BankConnors & Associates Inc in Boston, MA received a Paycheck Protection Loan of $122,500 through Eastern Bank, which was approved in January, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Connors & Associates Inc's 2019 payroll expenses are estimated to be at least $588,000.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $84,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Connors & Associates Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $122,495
- Utilities: $1
Business Information - Connors & Associates Inc in Boston, MA
50 Franklin St Fl 3
Boston, MA 2110
Business Industry:
Employment Placement Agencies
NAICS code 561311
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Boston
In the Boston area, 19 businesses in the "Employment Placement Agencies" industry received a PPP loan. These local businesses reported an average of 51 employees (compared to this company's 7) and received an average PPP loan of $794,629 (compared to this company's $122,500).
Similar Nearby Businesses Who Received PPP Funding:
Daley & Associates LLC
Boston, MA
Avid Technical Resources, Inc
Boston, MA
Roessel Joy LLC
Boston, MA
52Xboston LLC
Boston, MA
Careworks Inc
Boston, MA
Monument Staffing Inc
Boston, MA
Carney, Sandoe & Associates
Boston, MA
Boston Investment Staffing Group Inc
Boston, MA
Industry PPP Comparison Statistics
Nationwide, 12,514 businesses in the "Employment Placement Agencies" industry received a total of $3.47B 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 35 employees, 400% higher than Connors & Associates Inc's reported 7 employees, and received an average PPP loan of $277,549, 127% higher than this company's loan of $122,500.
Connors & Associates Inc
Entity: Corporation
Industry: Temporary Help Services
Location: Boston, MA
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Connors & Associates Inc is a corporation located at Franklin St in Boston, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $122,500.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least six people during the applicable loan loan period.
$
PPP Loan Information
Loan #7665057005
Loan Size:
Jobs Retained:
6Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
Eastern BankConnors & Associates Inc in Boston, MA received a Paycheck Protection Loan of $122,500 through Eastern 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 May, 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, Connors & Associates Inc's 2019 payroll expenses are estimated to be at least $588,000.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $98,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Connors & Associates Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $122,500
Business Information - Connors & Associates Inc in Boston, MA
Franklin St
Boston, MA 2110
Business Industry:
Temporary Help Services
NAICS code 561320
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Connors & Associates Inc.
Kennedy Bros Phys Therapy Inc
Offices of Physical, Occupational and Speech Therapists, and Audiologists
Similar Companies near Boston
In the Boston area, 13 businesses in the "Temporary Help Services" industry received a PPP loan. These local businesses reported an average of 113 employees (compared to this company's 6) and received an average PPP loan of $1,749,110 (compared to this company's $122,500).
Similar Nearby Businesses Who Received PPP Funding:
Ceres Group LLC
Boston, MA
John Leonard Employment Services Inc
Boston, MA
Creative Financial Staffing Inc
Boston, MA
Communications Collaborative, Inc
Boston, MA
Manning Personnel Group Inc
Boston, MA
Stynt
Boston, MA
Manning Personnel Group
Boston, MA
Longford & Company, LLC
Boston, MA
Industry PPP Comparison Statistics
Nationwide, 8,904 businesses in the "Temporary Help Services" industry received a total of $3.65B 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 51 employees, 750% higher than Connors & Associates Inc's reported 6 employees, and received an average PPP loan of $409,706, 234% higher than this company's loan of $122,500.
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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