PPP Loan Data — Cornerstone Pharmacy Inc, New Haven, CT
Cornerstone Pharmacy Inc is a corporation located at 399 Whalley Ave in New Haven, Connecticut that received a Coronavirus-related PPP loan from the SBA of $24,935.00 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 Status:Ongoing Loan
Lender:TD Bank, National Association
Cornerstone Pharmacy Inc in New Haven, CT received a Paycheck Protection Loan of $24,935 through TD Bank, National Association, which was approved in April, 2020.
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, Cornerstone Pharmacy Inc's 2019 payroll expenses are estimated to be at least $119,688.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $19,948 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cornerstone Pharmacy Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,935
Business Information - Cornerstone Pharmacy Inc in New Haven, CT
399 Whalley Ave
New Haven, CT 6511
Pharmacies and Drug Stores
NAICS code 446110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near New Haven
In the New Haven area, 4 businesses in the "Pharmacies and Drug Stores" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 6) and received an average PPP loan of $54,502 (compared to this company's $24,935).
Similar Nearby Businesses Who Received PPP Funding:
Chapel Street Pharmacy, LLC
New Haven, CT
Community Health Pharmacy, LLC
New Haven, CT
Visels Drug Store, Inc
New Haven, CT
Industry PPP Comparison Statistics
Nationwide, 18,035 businesses in the "Pharmacies and Drug Stores" industry received a total of $1.7B 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 12 employees, 100% higher than Cornerstone Pharmacy Inc's reported 6 employees, and received an average PPP loan of $94,214, 278% higher than this company's loan of $24,935.
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Footnotes & Information
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