PPP Loan Data — Norwich Commercial Group, Inc, Avon, CT
Norwich Commercial Group, Inc is a corporation located at 38 Security Dr in Avon, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,704,755.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:People's United Bank, National Association
Norwich Commercial Group, Inc in Avon, CT received a Paycheck Protection Loan of $2.7M through People's United 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, Norwich Commercial Group, Inc's 2019 payroll expenses are estimated to be at least $12.98M.
Based on their reported 273 jobs retained, this equals an estimated average yearly compensation of $47,556 per employee1
Reported PPP Proceed Usage:
On the PPP application, Norwich Commercial Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,704,755
Business Information - Norwich Commercial Group, Inc in Avon, CT
38 Security Dr
Avon, CT 6001
Real Estate Credit
NAICS code 522292
Business Owner Demographics
Ethnicity: Hispanic or Latino
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Avon
In the Avon area, 2 businesses in the "Real Estate Credit" industry received a PPP loan. These local businesses reported an average of 137 employees (compared to this company's 273) and received an average PPP loan of $1,362,794 (compared to this company's $2.7M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 3,832 businesses in the "Real Estate Credit" industry received a total of $627.92M 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 12 employees, 96% lower than Norwich Commercial Group, Inc's reported 273 employees, and received an average PPP loan of $163,863, 94% lower than this company's loan of $2.7M.
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Footnotes & Information
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