PPP Loan Data — Hanover Capital Management Inc, Hanover, PA
Hanover Capital Management Inc is a corporation located at 55 Wetzel Drive Suite 3 in Hanover, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Hanover Capital Management Inc in Hanover, PA received a Paycheck Protection Loan of $25,000 through Traditions Bank, 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, Hanover Capital Management Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hanover Capital Management Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Hanover Capital Management Inc in Hanover, PA
55 Wetzel Drive Suite 3
Hanover, PA 17331
Miscellaneous Financial Investment Activities
NAICS code 523999
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Hanover
In the Hanover area, 3 businesses in the "Miscellaneous Financial Investment Activities" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 3) and received an average PPP loan of $10,833 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Miele Wealth Management
Industry PPP Comparison Statistics
Nationwide, 12,855 businesses in the "Miscellaneous Financial Investment Activities" industry received a total of $583.39M 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 3 employees, the same amount reported by Hanover Capital Management Inc and received an average PPP loan of $45,383, 82% higher than this company's loan of $25,000.
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Footnotes & Information
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