PPP Loan Data — Hoveround Corporation, Sarasota, FL
Location: Sarasota, FLTweet This • Search All PPP Data
Hoveround Corporation is a corporation located at 2151 Whitfield Industrial Way in Sarasota, Florida that received a Coronavirus-related PPP loan from the SBA of $2,434,512.00 in April, 2020.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
Hoveround Corporation received a Paycheck Protection Loan of $2.43M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Hoveround Corporation's total 2019 payroll expenses were approximately $11.69M in order to qualify for the PPP loan amount received.
Based on their reported 223 jobs retained, this equals an estimated average yearly compensation of $52,402 per employee1.
Business Information - Hoveround Corporation in Sarasota, FL
2151 Whitfield Industrial Way
Sarasota, FL 34243
Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers (NAICS code 423450)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: FL-16
Similar Companies near Sarasota
In the Sarasota area, 5 businesses in the "Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 52 employees (compared to this company's 223) and received an average PPP loan of $567,122 (compared to this company's $2.43M).
Similar Nearby Businesses Who Received PPP Funding:
University Hearing Systems
US Medsource LLC
Medical Distribution Group Inc
Ways Security, Inc.
Industry PPP Comparison Statistics
Nationwide, 8,635 businesses in the "Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers" industry received a total of $1,055,539,669.00 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 9 employees, 96% lower than Hoveround Corporation's reported 223 employees, and received an average PPP loan of $122,240, 95% lower than this company's loan of $2.43M.
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.
Footnotes & Information
1. 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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