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PPP Loan Data — Creed Monarch Inc., New Britain, CT

SBA PPP loan data, payroll data, and salaries for Creed Monarch Inc.
CT

Creed Monarch Inc.

Entity: Corporation

Industry: Precision Turned Product Manufacturing

Location: New Britain, CT

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Creed Monarch Inc. is a corporation located at One Pucci Park in New Britain, Connecticut that received a Coronavirus-related PPP loan from the SBA of $3,730,610.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.73M

Jobs Retained:

270

Loan Approved:

2020-04-08

Lender:

PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION

Creed Monarch Inc. received a Paycheck Protection Loan of $3.73M through PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Creed Monarch Inc.'s total 2019 payroll expenses were approximately $17.91M in order to qualify for the PPP loan amount received.

Based on their reported 270 jobs retained, this equals an estimated average yearly compensation of $66,322 per employee1.

Because the loan received by Creed Monarch Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Creed Monarch Inc. in New Britain, CT

Creed Monarch Inc.
One Pucci Park
New Britain, CT 6051

Business Industry

Precision Turned Product Manufacturing (NAICS code 332721)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: CT-05

Similar Companies near New Britain

In the New Britain area, 2 businesses in the "Precision Turned Product Manufacturing" industry received a PPP loan. These local businesses reported an average of 146 employees (compared to this company's 270) and received an average PPP loan of $2,016,083 (compared to this company's $3.73M).

Similar Nearby Businesses Who Received PPP Funding:

D.S.O Manufacturing Co., Inc.
New Britain, CT

$301,555 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 903 businesses in the "Precision Turned Product Manufacturing" industry received a total of $306,716,117.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 23 employees, 91% lower than Creed Monarch Inc.'s reported 270 employees, and received an average PPP loan of $339,663, 91% lower than this company's loan of $3.73M.

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.

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Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/creed-monarch-inc-new-britain-ct