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PPP Loan Data — Key West Boats Inc, Ridgeville, SC

SBA PPP loan data, payroll data, and salaries for Key West Boats Inc
SC

Key West Boats Inc

Entity: Corporation

Industry: Boat Building

Location: Ridgeville, SC

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Key West Boats Inc is a corporation located at 593 Ridgeville Rd in Ridgeville, South Carolina that received a Coronavirus-related PPP loan from the SBA of $2,632,580.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.63M

Jobs Retained:

238

Loan Approved:

2020-04-07

Lender:

FARMERS AND MERCHANTS BANK OF SOUTH CAROLINA

Key West Boats Inc in Ridgeville, SC received a Paycheck Protection Loan of $2.63M through FARMERS AND MERCHANTS BANK OF SOUTH CAROLINA, which was approved in April, 2020.

Based on standard PPP eligibility rules, Key West Boats Inc's total 2019 payroll expenses were approximately $12.64M in order to qualify for the PPP loan amount received.

Based on their reported 238 jobs retained, this equals an estimated average yearly compensation of $53,094 per employee1.

Because the loan received by Key West Boats Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Key West Boats Inc in Ridgeville, SC

Key West Boats Inc
593 Ridgeville Rd
Ridgeville, SC 29472

Business Industry

Boat Building (NAICS code 336612)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: SC-06

Industry PPP Comparison Statistics

Nationwide, 865 businesses in the "Boat Building" industry received a total of $229,475,071.00 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 23 employees, 90% lower than Key West Boats Inc's reported 238 employees, and received an average PPP loan of $265,289, 90% lower than this company's loan of $2.63M.

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, and is published unmodified, as provided by the SBA.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/key-west-boats-inc-ridgeville-sc