PPP Loan Data — Locus Robotics Corp, Wilmington, MA
Locus Robotics Corp is a corporation located at 301 Ballardvale St Suite 2 in Wilmington, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $1,633,195.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Locus Robotics Corp in Wilmington, MA received a Paycheck Protection Loan of $1.63M through Eastern Bank, 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, Locus Robotics Corp's 2019 payroll expenses are estimated to be at least $7.84M.
Based on their reported 99 jobs retained, this equals an estimated average yearly compensation of $79,185 per employee1
Reported PPP Proceed Usage:
On the PPP application, Locus Robotics Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,633,195
Business Information - Locus Robotics Corp in Wilmington, MA
301 Ballardvale St Suite 2
Wilmington, MA 1887
Farm Product Warehousing and Storage
NAICS code 493130
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 774 businesses in the "Farm Product Warehousing and Storage" industry received a total of $151.54M 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 19 employees, 81% lower than Locus Robotics Corp's reported 99 employees, and received an average PPP loan of $195,786, 88% lower than this company's loan of $1.63M.
FederalPay's PPP Information Policy
Footnotes & Information
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