PPP Loan Data — Morrisette Paper Company, Inc., Browns Summit, NC
Morrisette Paper Company, Inc. is a corporation located at 5925 Summit Avenue in Browns Summit, North Carolina that received a Coronavirus-related PPP loan from the SBA of $3,534,940.00 in April, 2020.
$ PPP Loan Information
Lender:TRIAD BUSINESS BANK
Morrisette Paper Company, Inc. received a Paycheck Protection Loan of $3.53M through TRIAD BUSINESS BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Morrisette Paper Company, Inc.'s total 2019 payroll expenses were approximately $16.97M in order to qualify for the PPP loan amount received.
Based on their reported 220 jobs retained, this equals an estimated average yearly compensation of $77,126 per employee1.
Business Information - Morrisette Paper Company, Inc. in Browns Summit, NC
5925 Summit Avenue
Browns Summit, NC 27214
Packaging and Labeling Services (NAICS code 561910)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NC-06
Similar Companies near Browns Summit
In the Browns Summit area, 2 businesses in the "Packaging and Labeling Services" industry received a PPP loan. These local businesses reported an average of 121 employees (compared to this company's 220) and received an average PPP loan of $1,808,938 (compared to this company's $3.53M).
Similar Nearby Businesses Who Received PPP Funding:
Mighty Enterprises, LLC
Industry PPP Comparison Statistics
Nationwide, 1,495 businesses in the "Packaging and Labeling Services" industry received a total of $305,001,450.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 19 employees, 91% lower than Morrisette Paper Company, Inc.'s reported 220 employees, and received an average PPP loan of $204,014, 94% lower than this company's loan of $3.53M.
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.
Footnotes & Information
1. 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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