PPP Loan Data — Nordic Fisheries, Inc, New Bedford, MA
Nordic Fisheries, Inc
Location: New Bedford, MATweet This • Search All PPP Data
Nordic Fisheries, Inc is a corporation located at 14 Hervey Tichon Ave in New Bedford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $1,661,516.00 in August, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Rockland Trust Company
Nordic Fisheries, Inc in New Bedford, MA received a Paycheck Protection Loan of $1.66M through Rockland Trust Company, which was approved in August, 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 April, 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, Nordic Fisheries, Inc's 2019 payroll expenses are estimated to be at least $7.98M.
Based on their reported 198 jobs retained, this equals an estimated average yearly compensation of $40,279 per employee1
Reported PPP Proceed Usage:
On the PPP application, Nordic Fisheries, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,661,516
Business Information - Nordic Fisheries, Inc in New Bedford, MA
14 Hervey Tichon Ave
New Bedford, MA 2740
Industrial Machinery and Equipment Merchant Wholesalers
NAICS code 423830
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near New Bedford
In the New Bedford area, 2 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 118 employees (compared to this company's 198) and received an average PPP loan of $1,037,368 (compared to this company's $1.66M).
Similar Nearby Businesses Who Received PPP Funding:
New Bedford Welding Supply Inc
New Bedford, MA
Industry PPP Comparison Statistics
Nationwide, 11,076 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $2.24B 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 15 employees, 92% lower than Nordic Fisheries, Inc's reported 198 employees, and received an average PPP loan of $202,534, 88% lower than this company's loan of $1.66M.
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Footnotes & Information
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