PPP Loan Data — Finch Therapeutics, Inc, Somerville, MA
Finch Therapeutics, Inc is a corporation located at 200 Inner Belt Road Suite 400 in Somerville, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $1,807,780.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Silicon Valley Bank
Finch Therapeutics, Inc in Somerville, MA received a Paycheck Protection Loan of $1.81M through Silicon Valley Bank, 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 May, 2021.
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, Finch Therapeutics, Inc's 2019 payroll expenses are estimated to be at least $8.68M.
Based on their reported 92 jobs retained, this equals an estimated average yearly compensation of $94,319 per employee1
Reported PPP Proceed Usage:
On the PPP application, Finch Therapeutics, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,807,780
Business Information - Finch Therapeutics, Inc in Somerville, MA
200 Inner Belt Road Suite 400
Somerville, MA 2143
Pharmaceutical Preparation Manufacturing
NAICS code 325412
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Somerville
In the Somerville area, 4 businesses in the "Pharmaceutical Preparation Manufacturing" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 92) and received an average PPP loan of $1,350,096 (compared to this company's $1.81M).
Similar Nearby Businesses Who Received PPP Funding:
Cyclerion Therapeutics, Inc
Neurocycle Therapeutics, Inc
Industry PPP Comparison Statistics
Nationwide, 1,941 businesses in the "Pharmaceutical Preparation Manufacturing" industry received a total of $620.3M 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 24 employees, 74% lower than Finch Therapeutics, Inc's reported 92 employees, and received an average PPP loan of $319,580, 82% lower than this company's loan of $1.81M.
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Footnotes & Information
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