PPP Loan Data — P&M Painting LLC, Pittsfield, ME
P&M Painting LLC is a limited liability company (LLC) located at 174 Franklin St. in Pittsfield, Maine that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bar Harbor Bank & Trust
P&M Painting LLC in Pittsfield, ME received a Paycheck Protection Loan of $25,000 through Bar Harbor Bank & Trust, 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 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, P&M Painting LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, P&M Painting LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - P&M Painting LLC in Pittsfield, ME
174 Franklin St.
Pittsfield, ME 4967
Painting and Wall Covering Contractors
NAICS code 238320
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Pittsfield
In the Pittsfield area, 5 businesses in the "Painting and Wall Covering Contractors" industry received a PPP loan. These local businesses reported an average of 1 employees (compared to this company's 3) and received an average PPP loan of $10,094 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Ron's Paint & Labor
Industry PPP Comparison Statistics
Nationwide, 50,571 businesses in the "Painting and Wall Covering Contractors" industry received a total of $2.46B 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 5 employees, 67% higher than P&M Painting LLC's reported 3 employees, and received an average PPP loan of $48,668, 95% higher than this company's loan of $25,000.
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Footnotes & Information
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