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PPP Loan Data — Eastern Fisheries, Inc,
New Bedford, MA
Eastern Fisheries, Inc
Entity: Corporation
Industry: Fish and Seafood Merchant Wholesalers
Location: New Bedford, MA
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Eastern Fisheries, Inc is a corporation located at 14 Hervey Tichon Ave in New Bedford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $2,200,030.00 in July, 2020.
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PPP Loan Information
Loan #2077878208
Loan Size:
Jobs Retained:
169Loan Approved:
2020-07-31Loan Status:
Ongoing LoanLender:
Rockland Trust CompanyEastern Fisheries, Inc in New Bedford, MA received a Paycheck Protection Loan of $2.2M through Rockland Trust Company, which was approved in July, 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
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.
Read MoreUnderstanding 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.
Read MoreBased 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, Eastern Fisheries, Inc's 2019 payroll expenses are estimated to be at least $10.56M.
Based on their reported 169 jobs retained, this equals an estimated average yearly compensation of $62,486 per employee1
Reported PPP Proceed Usage:
On the PPP application, Eastern Fisheries, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,200,030
Business Information - Eastern Fisheries, Inc in New Bedford, MA
14 Hervey Tichon Ave
New Bedford, MA 2740
Business Industry:
Fish and Seafood Merchant Wholesalers
NAICS code 424460
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: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near New Bedford
In the New Bedford area, 22 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 169) and received an average PPP loan of $479,036 (compared to this company's $2.2M).
Similar Nearby Businesses Who Received PPP Funding:
Three Amigos Fishing Corp
New Bedford, MA
Tempest Fisheries Limited
New Bedford, MA
International C Food Inc
New Bedford, MA
M & B Sea Products Inc
New Bedford, MA
Tempest Fisheries, LTD
New Bedford, MA
Liberty Lobster Company
New Bedford, MA
Trio Algarvio, Inc
New Bedford, MA
Mariner Seafood LLC
New Bedford, MA
Northern Wind, Inc
New Bedford, MA
Industry PPP Comparison Statistics
Nationwide, 5,101 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a total of $427.19M 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 10 employees, 94% lower than Eastern Fisheries, Inc's reported 169 employees, and received an average PPP loan of $83,747, 96% lower than this company's loan of $2.2M.
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.
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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