PPP Loan Data — DE Foods LLC, Hanover, MA
DE Foods LLC is a limited liability company (LLC) located at 170 Olde Forge Rd in Hanover, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $3,680,900.00 in April, 2020.
The company has reported itself as a White female owned business, and employed at least sixteen people during the applicable loan loan period.
$ PPP Loan Information
Lender:CITY NATIONAL BANK
DE Foods LLC in Hanover, MA received a Paycheck Protection Loan of $3.68M through CITY NATIONAL BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 16 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 177.
Based on standard PPP eligibility rules, DE Foods LLC's total 2019 payroll expenses were approximately $17.67M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 16 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - DE Foods LLC in Hanover, MA
170 Olde Forge Rd
Hanover, MA 2339
Limited-Service Restaurants (NAICS code 722513)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: FEMALE OWNED
Veteran Status: NON-VETERANCongressional District: MA-09
Similar Companies near Hanover
In the Hanover area, 11 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 26 employees (compared to this company's 16) and received an average PPP loan of $457,663 (compared to this company's $3.68M).
Similar Nearby Businesses Who Received PPP Funding:
MEA's Dairy Bar, Inc.
GQ Subs, LLC
Aral Restaurant Group Of Hanover, Inc.
Hanover Donuts, Inc.
DE Foods Inc
West Hanover Pizzeria, Inc.
Thomas Allen Coffee Group Inc
Farmers Donuts, Inc.
Assinippi Webster St, LLC
Industry PPP Comparison Statistics
Nationwide, 79,996 businesses in the "Limited-Service Restaurants" industry received a total of $9,671,819,152.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 23 employees, 44% higher than DE Foods LLC's reported 16 employees, and received an average PPP loan of $120,904, 97% lower than this company's loan of $3.68M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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