PPP Loan Data — General Insulation Company, Medford, MA
General Insulation Company
Location: Medford, MATweet This • Search All PPP Data
General Insulation Company is a corporation located at 278 Mystic Ave in Medford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $6,142,400.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 30 people during the applicable loan loan period.
$ PPP Loan Information
General Insulation Company in Medford, MA received a Paycheck Protection Loan of $6.14M through NORTHEAST 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 30 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 295.
Based on standard PPP eligibility rules, General Insulation Company's total 2019 payroll expenses were approximately $29.48M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 30 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - General Insulation Company in Medford, MA
278 Mystic Ave
Medford, MA 2155
Roofing, Siding, and Insulation Material Merchant Wholesalers (NAICS code 423330)
Business Owner Demographics
Race / Ethnicity: WHITE
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: MA-05
Industry PPP Comparison Statistics
Nationwide, 828 businesses in the "Roofing, Siding, and Insulation Material Merchant Wholesalers" industry received a total of $184,583,791.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 16 employees, 47% lower than General Insulation Company's reported 30 employees, and received an average PPP loan of $222,927, 96% lower than this company's loan of $6.14M.
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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