PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — M & B Sea Products Inc, New Bedford, MA

ALERT: There are 2 PPP loans for a total of $812,380 in our database for businesses with the name "M & B Sea Products Inc" in New Bedford, MA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for M & B Sea Products Inc
MA

M & B Sea Products Inc

Entity: Corporation

Industry: Fish and Seafood Merchant Wholesalers

Location: New Bedford, MA

Search All PPP Data

M & B Sea Products Inc is a corporation located at 110 Herman Melville Blvd in New Bedford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $420,980.00 in February, 2021.

The company has reported itself as a male owned business, and employed at least 39 people during the applicable loan loan period.

$ PPP Loan Information
Loan #6104188403

Loan Size:

$420,980

Jobs Retained:

39

Loan Approved:

2021-02-10

Loan Status:

Ongoing Loan

Lender:

Bristol County Savings Bank

M & B Sea Products Inc in New Bedford, MA received a Paycheck Protection Loan of $420,980 through Bristol County Savings Bank, which was approved in February, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, M & B Sea Products Inc's 2019 payroll expenses are estimated to be at least $2.02M.

Based on their reported 39 jobs retained, this equals an estimated average yearly compensation of $51,813 per employee1

Reported PPP Proceed Usage:

On the PPP application, M & B Sea Products Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $420,980

Business Information - M & B Sea Products Inc in New Bedford, MA

M & B Sea Products Inc
110 Herman Melville Blvd
New Bedford, MA 2740

Business Industry:
Fish and Seafood Merchant Wholesalers
NAICS code 424460

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Bristol County, MA — SBA Office 0101 — Congressional District: MA-09

Similar Companies near New Bedford

In the New Bedford area, 22 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 39) and received an average PPP loan of $479,036 (compared to this company's $420,980).

Industry PPP Comparison Statistics

Nationwide, 3,293 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a total of $361.27M 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 12 employees, 69% lower than M & B Sea Products Inc's reported 39 employees, and received an average PPP loan of $109,708, 74% lower than this company's loan of $420,980.

SBA PPP loan data, payroll data, and salaries for M & B Sea Products Inc
MA

M & B Sea Products Inc

Entity: Corporation

Industry: Fish and Seafood Merchant Wholesalers

Location: New Bedford, MA

Search All PPP Data

M & B Sea Products Inc is a corporation located at 110 Herman Melville Blvd in New Bedford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $391,400.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 34 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5659247008

Loan Size:

$391,400

Jobs Retained:

34

Loan Approved:

2020-04-06

Loan Status:

Ongoing Loan

Lender:

Bristol County Savings Bank

M & B Sea Products Inc in New Bedford, MA received a Paycheck Protection Loan of $391,400 through Bristol County Savings Bank, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, M & B Sea Products Inc's 2019 payroll expenses are estimated to be at least $1.88M.

Based on their reported 34 jobs retained, this equals an estimated average yearly compensation of $55,256 per employee1

Reported PPP Proceed Usage:

On the PPP application, M & B Sea Products Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $294,000
  • Utilities: $97,400

Business Information - M & B Sea Products Inc in New Bedford, MA

M & B Sea Products Inc
110 Herman Melville Blvd
New Bedford, MA 2740

Business Industry:
Fish and Seafood Merchant Wholesalers
NAICS code 424460

Business Owner Demographics

Race: Unreported

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Bristol County, MA — SBA Office 0101 — Congressional District: MA-09

Similar Companies near New Bedford

In the New Bedford area, 22 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 34) and received an average PPP loan of $479,036 (compared to this company's $391,400).

Industry PPP Comparison Statistics

Nationwide, 3,293 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a total of $361.27M 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 12 employees, 65% lower than M & B Sea Products Inc's reported 34 employees, and received an average PPP loan of $109,708, 72% lower than this company's loan of $391,400.

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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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/m-b-sea-products-inc-new-bedford-ma