PPP Loan Data — Latorre Corporation, Vineland, NJ
Latorre Corporation is a corporation located at 1607 S Delsea Dr in Vineland, New Jersey that received a Coronavirus-related PPP loan from the SBA of $46,613.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Truist Bank d/b/a Branch Banking & Trust Co
Latorre Corporation in Vineland, NJ received a Paycheck Protection Loan of $46,613 through Truist Bank d/b/a Branch Banking & Trust Co, 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 June, 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, Latorre Corporation's 2019 payroll expenses are estimated to be at least $223,742.
Based on their reported 8 jobs retained, this equals an estimated average yearly compensation of $27,968 per employee1
Reported PPP Proceed Usage:
On the PPP application, Latorre Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,613
Business Information - Latorre Corporation in Vineland, NJ
1607 S Delsea Dr
Vineland, NJ 8360
NAICS code 444130
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Vineland
In the Vineland area, 3 businesses in the "Hardware Stores" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 8) and received an average PPP loan of $50,953 (compared to this company's $46,613).
Similar Nearby Businesses Who Received PPP Funding:
Smith Bros Sixx, LLC
Reuben Hardware Co. Inc
Industry PPP Comparison Statistics
Nationwide, 8,816 businesses in the "Hardware Stores" industry received a total of $736.15M 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 13 employees, 63% higher than Latorre Corporation's reported 8 employees, and received an average PPP loan of $83,502, 79% higher than this company's loan of $46,613.
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Footnotes & Information
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