PPP Loan Data — JH Lynch & Sons Inc, Cumberland, RI
JH Lynch & Sons Inc is a corporation located at 50 Lynch Place in Cumberland, Rhode Island that received a Coronavirus-related PPP loan from the SBA of $4,306,270.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 168 people during the applicable loan loan period.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
JH Lynch & Sons Inc in Cumberland, RI received a Paycheck Protection Loan of $4.31M through BANK OF AMERICA, NATIONAL ASSOCIATION, 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 168 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 207.
Based on standard PPP eligibility rules, JH Lynch & Sons Inc's total 2019 payroll expenses were approximately $20.67M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 168 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - JH Lynch & Sons Inc in Cumberland, RI
50 Lynch Place
Cumberland, RI 02864
Highway, Street, and Bridge Construction (NAICS code 237310)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: RI-01
Similar Companies near Cumberland
In the Cumberland area, 5 businesses in the "Highway, Street, and Bridge Construction" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 168) and received an average PPP loan of $917,585 (compared to this company's $4.31M).
Similar Nearby Businesses Who Received PPP Funding:
RSK Enterprises Inc
Princeton Construction Services Inc
Dynamic Scheduling Solutions, Inc.
Industry PPP Comparison Statistics
Nationwide, 7,070 businesses in the "Highway, Street, and Bridge Construction" industry received a total of $2,867,987,409.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 26 employees, 85% lower than JH Lynch & Sons Inc's reported 168 employees, and received an average PPP loan of $405,656, 91% lower than this company's loan of $4.31M.
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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