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PPP Loan Data — Morrisette Paper Company, Inc., Browns Summit, NC

SBA PPP loan data, payroll data, and salaries for Morrisette Paper Company, Inc.
NC

Morrisette Paper Company, Inc.

Entity: Corporation

Industry: Packaging and Labeling Services

Location: Browns Summit, NC

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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

Loan Size:

$3.53M

Jobs Retained:

220

Loan Approved:

2020-04-16

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.

Because the loan received by Morrisette Paper Company, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Morrisette Paper Company, Inc. in Browns Summit, NC

Morrisette Paper Company, Inc.
5925 Summit Avenue
Browns Summit, NC 27214

Business Industry

Packaging and Labeling Services (NAICS code 561910)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional 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
Burlington, NC

$82,935 PPP Loan

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/morrisette-paper-company-inc-browns-summit-nc