PPP Loan Data — Kennebec Lumber Company, Solon, ME
Kennebec Lumber Company is a corporation located at 105 S Main St in Solon, Maine that received a Coronavirus-related PPP loan from the SBA of $2,227,722.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:TD Bank, National Association
Kennebec Lumber Company in Solon, ME received a Paycheck Protection Loan of $2.23M through TD Bank, National Association, which was approved in April, 2020.
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, Kennebec Lumber Company's 2019 payroll expenses are estimated to be at least $10.69M.
Based on their reported 201 jobs retained, this equals an estimated average yearly compensation of $53,199 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kennebec Lumber Company reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,227,722
Business Information - Kennebec Lumber Company in Solon, ME
105 S Main St
Solon, ME 4979
NAICS code 321113
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Solon
In the Solon area, 2 businesses in the "Sawmills" industry received a PPP loan. These local businesses reported an average of 246 employees (compared to this company's 201) and received an average PPP loan of $2,113,861 (compared to this company's $2.23M).
Similar Nearby Businesses Who Received PPP Funding:
Kennebec Lumber Co
Industry PPP Comparison Statistics
Nationwide, 2,110 businesses in the "Sawmills" industry received a total of $393.29M 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 20 employees, 90% lower than Kennebec Lumber Company's reported 201 employees, and received an average PPP loan of $186,392, 92% lower than this company's loan of $2.23M.
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Footnotes & Information
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