PPP Loan Data — Milford Bicycle Inc, Milford, MA
Milford Bicycle Inc is a subchapter s corporation located at 71 East Main St in Milford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,377.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Milford Bicycle Inc in Milford, MA received a Paycheck Protection Loan of $25,377 through Envision 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, Milford Bicycle Inc's 2019 payroll expenses are estimated to be at least $121,810.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,603 per employee1
Reported PPP Proceed Usage:
On the PPP application, Milford Bicycle Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,377
Business Information - Milford Bicycle Inc in Milford, MA
71 East Main St
Milford, MA 1757
Sporting Goods Stores
NAICS code 451110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Milford
In the Milford area, 3 businesses in the "Sporting Goods Stores" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 3) and received an average PPP loan of $14,659 (compared to this company's $25,377).
Similar Nearby Businesses Who Received PPP Funding:
Bolio's Sporting Goods
Industry PPP Comparison Statistics
Nationwide, 13,835 businesses in the "Sporting Goods Stores" industry received a total of $738.33M 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 8 employees, 167% higher than Milford Bicycle Inc's reported 3 employees, and received an average PPP loan of $53,367, 110% higher than this company's loan of $25,377.
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Footnotes & Information
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