PPP Loan Data — Darlings, Brewer, ME

Darlings

Entity: Corporation

Industry: New Car Dealers

Location: Brewer, ME

Darlings is a corporation located at 96 Parkway South in Brewer, Maine that received a Coronavirus-related PPP loan from the SBA of $5,747,200.00 in April, 2020.

$ PPP Loan Information
Loan #9886067000

Loan Size:

$5.75M

Jobs Retained:

458

Loan Approved:

2020-04-09

Loan Status:

Paid in Full or Forgiven

Lender:

Bank of New Hampshire

Darlings in Brewer, ME received a Paycheck Protection Loan of $5.75M through Bank of New Hampshire, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in March, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Darlings' 2019 payroll expenses are estimated to be at least $27.59M.

Based on their reported 458 jobs retained, this equals an estimated average yearly compensation of $60,233 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Darlings reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $5,747,200

Because the loan received by Darlings 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 - Darlings in Brewer, ME

Darlings
96 Parkway South
Brewer, ME 4412

Business Industry:
New Car Dealers
NAICS code 441110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Rural

Penobscot County, ME — SBA Office 0172 — Congressional District: ME-02

Businesses Using Same Address:

There are 2 other businesses that received a PPP loan registered to the same address as Darlings.

Darlings Agency
Direct Property and Casualty Insurance Carriers

$101,300 PPP Loan

Sandollar Spa Shop
All Other Specialty Trade Contractors

$104,100 PPP Loan

Similar Companies near Brewer

In the Brewer area, 2 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 309 employees (compared to this company's 458) and received an average PPP loan of $3,726,250 (compared to this company's $5.75M).

Similar Nearby Businesses Who Received PPP Funding:

Eod's Automotive
Brewer, ME

$1.71M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 19,862 businesses in the "New Car Dealers" industry received a total of $12.31B 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 52 employees, 89% lower than Darlings' reported 458 employees, and received an average PPP loan of $619,791, 89% lower than this company's loan of $5.75M.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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