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PPP Loan Data — Polamer Precision Inc, New Britain, CT

SBA PPP loan data, payroll data, and salaries for Polamer Precision Inc
CT

Polamer Precision Inc

Entity: Corporation

Industry: Other Aircraft Parts and Auxiliary Equipment Manufacturing

Location: New Britain, CT

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Polamer Precision Inc is a corporation located at 105 Alton Brooks Way in New Britain, Connecticut that received a Coronavirus-related PPP loan from the SBA of $3,480,822.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 272 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$3.48M

Jobs Retained:

272

Loan Approved:

2020-04-14

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

Polamer Precision Inc in New Britain, CT received a Paycheck Protection Loan of $3.48M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Polamer Precision Inc's total 2019 payroll expenses were approximately $16.71M in order to qualify for the PPP loan amount received.

Based on their reported 272 jobs retained, this equals an estimated average yearly compensation of $61,426 per employee1.

Because the loan received by Polamer Precision Inc 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 - Polamer Precision Inc in New Britain, CT

Polamer Precision Inc
105 Alton Brooks Way
New Britain, CT 6053

Business Industry

Other Aircraft Parts and Auxiliary Equipment Manufacturing (NAICS code 336413)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: Unreported

Congressional District: CT-05

Industry PPP Comparison Statistics

Nationwide, 841 businesses in the "Other Aircraft Parts and Auxiliary Equipment Manufacturing" industry received a total of $453,528,343.00 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 33 employees, 88% lower than Polamer Precision Inc's reported 272 employees, and received an average PPP loan of $539,273, 85% lower than this company's loan of $3.48M.

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, and is published unmodified, as provided by the SBA.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/polamer-precision-inc-new-britain-ct