PPP Loan Data — New China Sea Inc, Marlborough, CT
New China Sea Inc is a corporation located at 15 N Main St in Marlborough, Connecticut that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
New China Sea Inc in Marlborough, CT received a Paycheck Protection Loan of $25,000 through Bank of America, National Association, which was approved in May, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in March, 2021.
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, New China Sea Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, New China Sea Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - New China Sea Inc in Marlborough, CT
15 N Main St
Marlborough, CT 6447
NAICS code 722511
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Marlborough
In the Marlborough area, 9 businesses in the "Full-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 6) and received an average PPP loan of $104,594 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
3 Fellas Pizza & Market
MT3, LLC DBA Marlborough Tavern
A & A Pizza LLC
Industry PPP Comparison Statistics
Nationwide, 328,914 businesses in the "Full-Service Restaurants" industry received a total of $42.6B in PPP loans. These businesses account for 3% of total PPP applications submitted, and received 5% of the total PPP funding allocated.
PPP recipients in this industry report an average of 22 employees, 267% higher than New China Sea Inc's reported 6 employees, and received an average PPP loan of $129,504, 418% higher than this company's loan of $25,000.
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Footnotes & Information
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