PPP Loan Data — Lowel Portuguese Bakery, Inc, Lowell, MA
Lowel Portuguese Bakery, Inc is a corporation located at 930 Gorham St in Lowell, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $46,137.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least twelve people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Lowel Portuguese Bakery, Inc in Lowell, MA received a Paycheck Protection Loan of $46,137 through Bank of America, National Association, 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 April, 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, Lowel Portuguese Bakery, Inc's 2019 payroll expenses are estimated to be at least $221,458.
Based on their reported 12 jobs retained, this equals an estimated average yearly compensation of $18,455 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lowel Portuguese Bakery, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,137
Business Information - Lowel Portuguese Bakery, Inc in Lowell, MA
930 Gorham St
Lowell, MA 1852
NAICS code 722513
Business Owner Demographics
Ethnicity: Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Lowell
In the Lowell area, 32 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 11 employees (compared to this company's 12) and received an average PPP loan of $60,802 (compared to this company's $46,137).
Similar Nearby Businesses Who Received PPP Funding:
V Brothers Inc
Pope Kyrillos, Inc
GT Doyle & Co., Inc
Gonell Enterprise Inc
Brewd Awakening Coffeehaus Inc
Highland Donut Corp
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 75% higher than Lowel Portuguese Bakery, Inc's reported 12 employees, and received an average PPP loan of $100,980, 119% higher than this company's loan of $46,137.
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Footnotes & Information
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