PPP Loan Data — Mystic Seaport Museum, Inc, Mystic, CT
Mystic Seaport Museum, Inc is a corporation located at 75 Greenmanville Avenue in Mystic, Connecticut that received a Coronavirus-related PPP loan from the SBA of $1,984,800.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Citizens Bank, National Association
Mystic Seaport Museum, Inc in Mystic, CT received a Paycheck Protection Loan of $1.98M through Citizens Bank, National Association, 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, Mystic Seaport Museum, Inc's 2019 payroll expenses are estimated to be at least $9.53M.
Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $38,108 per employee1
Reported PPP Proceed Usage:
On the PPP application, Mystic Seaport Museum, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,984,800
Business Information - Mystic Seaport Museum, Inc in Mystic, CT
75 Greenmanville Avenue
Mystic, CT 6355
NAICS code 712110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Mystic
In the Mystic area, 4 businesses in the "Museums" industry received a PPP loan. These local businesses reported an average of 70 employees (compared to this company's 250) and received an average PPP loan of $526,921 (compared to this company's $1.98M).
Similar Nearby Businesses Who Received PPP Funding:
Denison Society Inc. Denison Homestead Museum
Denison Society, Inc
Mystic Art Association Incorporated
Industry PPP Comparison Statistics
Nationwide, 7,177 businesses in the "Museums" industry received a total of $1.13B 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 18 employees, 93% lower than Mystic Seaport Museum, Inc's reported 250 employees, and received an average PPP loan of $156,908, 92% lower than this company's loan of $1.98M.
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Footnotes & Information
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