PPP Loan Data — Omega Products Corporation, Bohemia, NY
Omega Products Corporation is a corporation located at 360-10 Knickerbocker Ave in Bohemia, New York that received a Coronavirus-related PPP loan from the SBA of $25,104.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Omega Products Corporation in Bohemia, NY received a Paycheck Protection Loan of $25,104 through Customers Bank, which was approved in May, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Omega Products Corporation's 2019 payroll expenses are estimated to be at least $120,499.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,166 per employee1
Reported PPP Proceed Usage:
On the PPP application, Omega Products Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,104
Business Information - Omega Products Corporation in Bohemia, NY
360-10 Knickerbocker Ave
Bohemia, NY 11716
Industrial Supplies Merchant Wholesalers
NAICS code 423840
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Bohemia
In the Bohemia area, 6 businesses in the "Industrial Supplies Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 8 employees (compared to this company's 3) and received an average PPP loan of $114,954 (compared to this company's $25,104).
Similar Nearby Businesses Who Received PPP Funding:
United Wholesale Distributors Inc
Allied Fastener Corp
Steri Technologies Inc
Blue Point Tool & Supply Co., Inc
Industry PPP Comparison Statistics
Nationwide, 6,397 businesses in the "Industrial Supplies Merchant Wholesalers" industry received a total of $1.02B 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 13 employees, 333% higher than Omega Products Corporation's reported 3 employees, and received an average PPP loan of $160,215, 538% higher than this company's loan of $25,104.
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Footnotes & Information
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