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PPP Loan Data — King Industries Inc, Norwalk, CT

SBA PPP loan data, payroll data, and salaries for King Industries Inc
CT

King Industries Inc

Entity: Corporation

Industry: Petroleum Lubricating Oil and Grease Manufacturing

Location: Norwalk, CT

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King Industries Inc is a corporation located at 1 Science in Norwalk, Connecticut that received a Coronavirus-related PPP loan from the SBA of $4,404,371.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.4M

Jobs Retained:

246

Loan Approved:

2020-04-29

Lender:

WEBSTER BANK, NATIONAL ASSOCIATION

King Industries Inc in Norwalk, CT received a Paycheck Protection Loan of $4.4M through WEBSTER BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, King Industries Inc's total 2019 payroll expenses were approximately $21.14M in order to qualify for the PPP loan amount received.

Based on their reported 246 jobs retained, this equals an estimated average yearly compensation of $85,939 per employee1.

Because the loan received by King Industries 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 - King Industries Inc in Norwalk, CT

King Industries Inc
1 Science
Norwalk, CT 06852

Business Industry

Petroleum Lubricating Oil and Grease Manufacturing (NAICS code 324191)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: CT-04

Industry PPP Comparison Statistics

Nationwide, 275 businesses in the "Petroleum Lubricating Oil and Grease Manufacturing" industry received a total of $97,352,843.00 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 20 employees, 92% lower than King Industries Inc's reported 246 employees, and received an average PPP loan of $354,010, 92% lower than this company's loan of $4.4M.

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/king-industries-inc-norwalk-ct