PPP Loan Data — Cross Sound Ferry Services Inc, New London, CT
Cross Sound Ferry Services Inc is a corporation located at 2 Ferry St in New London, Connecticut that received a Coronavirus-related PPP loan from the SBA of $3,338,985.00 in April, 2020.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
Cross Sound Ferry Services Inc received a Paycheck Protection Loan of $3.34M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Cross Sound Ferry Services Inc's total 2019 payroll expenses were approximately $16.03M in order to qualify for the PPP loan amount received.
Based on their reported 190 jobs retained, this equals an estimated average yearly compensation of $84,353 per employee1.
Business Information - Cross Sound Ferry Services Inc in New London, CT
2 Ferry St
New London, CT 6320
Inland Water Passenger Transportation (NAICS code 483212)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: CT-02
Industry PPP Comparison Statistics
Nationwide, 165 businesses in the "Inland Water Passenger Transportation" industry received a total of $41,475,603.00 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 21 employees, 89% lower than Cross Sound Ferry Services Inc's reported 190 employees, and received an average PPP loan of $251,367, 92% lower than this company's loan of $3.34M.
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.
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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