PPP Loan Data — Cove Lane Holdings LLC, Norwalk, CT
Cove Lane Holdings LLC
Entity: Limited Liability Company (LLC)
Location: Norwalk, CTTweet This • Search All PPP Data
Cove Lane Holdings LLC is a limited liability company (LLC) located at 50 Washington St in Norwalk, Connecticut that received a Coronavirus-related PPP loan from the SBA of $25,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fairfield County Bank
Cove Lane Holdings LLC in Norwalk, CT received a Paycheck Protection Loan of $25,100 through Fairfield County Bank, 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, Cove Lane Holdings LLC's 2019 payroll expenses are estimated to be at least $120,480.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,240 per employee1
Reported PPP Proceed Usage:
On the PPP application, Cove Lane Holdings LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,100
Business Information - Cove Lane Holdings LLC in Norwalk, CT
50 Washington St
Norwalk, CT 6854
Corporate, Subsidiary, and Regional Managing Offices
NAICS code 551114
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 3,261 businesses in the "Corporate, Subsidiary, and Regional Managing Offices" industry received a total of $411.49M 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, 500% higher than Cove Lane Holdings LLC's reported 2 employees, and received an average PPP loan of $126,185, 403% higher than this company's loan of $25,100.
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Footnotes & Information
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