PPP Loan Data — Covaris Inc, Woburn, MA
Covaris Inc is a corporation located at 14 Gill St Unit H in Woburn, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,175,632.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Covaris Inc in Woburn, MA received a Paycheck Protection Loan of $2.18M through Bank of America, National Association, which was approved in May, 2020.
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
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, Covaris Inc's 2019 payroll expenses are estimated to be at least $10.44M.
Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $96,695 per employee1
Reported PPP Proceed Usage:
On the PPP application, Covaris Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,175,632
Business Information - Covaris Inc in Woburn, MA
14 Gill St Unit H
Woburn, MA 1801
Analytical Laboratory Instrument Manufacturing
NAICS code 334516
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Woburn
In the Woburn area, 7 businesses in the "Analytical Laboratory Instrument Manufacturing" industry received a PPP loan. These local businesses reported an average of 55 employees (compared to this company's 108) and received an average PPP loan of $1,112,599 (compared to this company's $2.18M).
Similar Nearby Businesses Who Received PPP Funding:
Janis Research Company, Inc
American Ult Cryogenics Inc
Sophion Bioscience Inc
Industry PPP Comparison Statistics
Nationwide, 752 businesses in the "Analytical Laboratory Instrument Manufacturing" industry received a total of $200.62M 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 18 employees, 83% lower than Covaris Inc's reported 108 employees, and received an average PPP loan of $266,787, 88% lower than this company's loan of $2.18M.
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Footnotes & Information
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