Phillips Corporation in Hanover, MD - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Phillips Corporation, Hanover, MD

Phillips Corporation

Entity: Corporation

Industry: Industrial Machinery and Equipment Merchant Wholesalers

Location: Hanover, MD

Phillips Corporation is a corporation located at 7390 Coca Cola Dr Ste 200 in Hanover, Maryland that received a Coronavirus-related PPP loan from the SBA of $4,276,582.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 461 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$4.28M

Jobs Retained:

461

Loan Approved:

2020-04-27

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

Phillips Corporation received a Paycheck Protection Loan of $4.28M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Phillips Corporation's total 2019 payroll expenses were approximately $20.53M in order to qualify for the PPP loan amount received.

Based on their reported 461 jobs retained, this equals an estimated average yearly compensation of $44,528 per employee¹.

Because the loan received by Phillips Corporation 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 - Phillips Corporation in Hanover, MD

Phillips Corporation
7390 Coca Cola Dr Ste 200
Hanover, MD 21076

Business Industry

Industrial Machinery and Equipment Merchant Wholesalers (NAICS code 423830)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MD-02

Industry PPP Comparison Statistics

Nationwide, 7,320 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $1,713,685,837.00 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 15 employees, 97% lower than Phillips Corporation's reported 461 employees, and received an average PPP loan of $234,110, 95% lower than this company's loan of $4.28M.

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.

Search FederalPay's Full PPP Loan Database

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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