PPP Loan Data — Key Appliance, Skowhegan, ME
Key Appliance is a subchapter s corporation located at 101 Water St Suite A in Skowhegan, Maine that received a Coronavirus-related PPP loan from the SBA of $24,900.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bangor Savings Bank
Key Appliance in Skowhegan, ME received a Paycheck Protection Loan of $24,900 through Bangor Savings Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in January, 2021.
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, Key Appliance's 2019 payroll expenses are estimated to be at least $119,520.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $29,880 per employee1
Reported PPP Proceed Usage:
On the PPP application, Key Appliance reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,900
Business Information - Key Appliance in Skowhegan, ME
101 Water St Suite A
Skowhegan, ME 4976
Household Appliance Stores
NAICS code 443141
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 3,811 businesses in the "Household Appliance Stores" industry received a total of $291M 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 9 employees, 125% higher than Key Appliance's reported 4 employees, and received an average PPP loan of $76,358, 207% higher than this company's loan of $24,900.
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Footnotes & Information
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