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PPP Loan Data — Newport Sand & Gravel Co Inc, Newport, NH

SBA PPP loan data, payroll data, and salaries for Newport Sand & Gravel Co Inc
NH

Newport Sand & Gravel Co Inc

Entity: Corporation

Industry: Ready-Mix Concrete Manufacturing

Location: Newport, NH

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Newport Sand & Gravel Co Inc is a corporation located at 8 Reeds Mill Rd in Newport, New Hampshire that received a Coronavirus-related PPP loan from the SBA of $2,567,765.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 156 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.57M

Jobs Retained:

156

Loan Approved:

2020-04-15

Lender:

PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION

Newport Sand & Gravel Co Inc received a Paycheck Protection Loan of $2.57M through PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Newport Sand & Gravel Co Inc's total 2019 payroll expenses were approximately $12.33M in order to qualify for the PPP loan amount received.

Based on their reported 156 jobs retained, this equals an estimated average yearly compensation of $79,008 per employee1.

Because the loan received by Newport Sand & Gravel Co 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 - Newport Sand & Gravel Co Inc in Newport, NH

Newport Sand & Gravel Co Inc
8 Reeds Mill Rd
Newport, NH 3773

Business Industry

Ready-Mix Concrete Manufacturing (NAICS code 327320)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: NH-02

Industry PPP Comparison Statistics

Nationwide, 1,205 businesses in the "Ready-Mix Concrete Manufacturing" industry received a total of $443,693,471.00 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 26 employees, 83% lower than Newport Sand & Gravel Co Inc's reported 156 employees, and received an average PPP loan of $368,210, 86% lower than this company's loan of $2.57M.

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/newport-sand-and-gravel-co-inc-newport-nh