PPP Loan Data — David E. Desmond Funeral Service, Inc, Bath, ME
David E. Desmond Funeral Service, Inc is a corporation located at 638 High St. in Bath, Maine that received a Coronavirus-related PPP loan from the SBA of $46,580.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
David E. Desmond Funeral Service, Inc in Bath, ME received a Paycheck Protection Loan of $46,580 through KeyBank National Association, which was approved in April, 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, David E. Desmond Funeral Service, Inc's 2019 payroll expenses are estimated to be at least $223,584.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $74,528 per employee1
Reported PPP Proceed Usage:
On the PPP application, David E. Desmond Funeral Service, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,580
Business Information - David E. Desmond Funeral Service, Inc in Bath, ME
638 High St.
Bath, ME 4530
Funeral Homes and Funeral Services
NAICS code 812210
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Bath
In the Bath area, 2 businesses in the "Funeral Homes and Funeral Services" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 3) and received an average PPP loan of $37,940 (compared to this company's $46,580).
Similar Nearby Businesses Who Received PPP Funding:
Arthur F. Mayo & Son Inc
Industry PPP Comparison Statistics
Nationwide, 10,120 businesses in the "Funeral Homes and Funeral Services" industry received a total of $621.85M 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 8 employees, 167% higher than David E. Desmond Funeral Service, Inc's reported 3 employees, and received an average PPP loan of $61,448, 32% higher than this company's loan of $46,580.
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Footnotes & Information
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