PPP Loan Data — Norman's Gift Shops, Inc, Newtown, PA
Norman's Gift Shops, Inc is a corporation located at 105 Terry Dr in Newtown, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $1,932,135.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 442 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Academy Bank, National Association
Norman's Gift Shops, Inc in Newtown, PA received a Paycheck Protection Loan of $1.93M through Academy Bank, National Association, which was approved in April, 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 June, 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, Norman's Gift Shops, Inc's 2019 payroll expenses are estimated to be at least $9.27M.
Based on their reported 442 jobs retained, this equals an estimated average yearly compensation of $20,982 per employee1
Reported PPP Proceed Usage:
On the PPP application, Norman's Gift Shops, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,932,135
Business Information - Norman's Gift Shops, Inc in Newtown, PA
105 Terry Dr
Newtown, PA 18940
Gift, Novelty, and Souvenir Stores
NAICS code 453220
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Newtown
In the Newtown area, 2 businesses in the "Gift, Novelty, and Souvenir Stores" industry received a PPP loan. These local businesses reported an average of 229 employees (compared to this company's 442) and received an average PPP loan of $988,869 (compared to this company's $1.93M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 17,351 businesses in the "Gift, Novelty, and Souvenir Stores" industry received a total of $573.27M 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 6 employees, 99% lower than Norman's Gift Shops, Inc's reported 442 employees, and received an average PPP loan of $33,040, 98% lower than this company's loan of $1.93M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!