PPP Loan Data — Polyfoam Corp, Northbridge, MA
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Polyfoam Corp is a corporation located at 2355 Providence Rd in Northbridge, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $1,669,600.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:UniBank for Savings
Polyfoam Corp in Northbridge, MA received a Paycheck Protection Loan of $1.67M through UniBank for Savings, 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, Polyfoam Corp's 2019 payroll expenses are estimated to be at least $8.01M.
Based on their reported 149 jobs retained, this equals an estimated average yearly compensation of $53,786 per employee1
Reported PPP Proceed Usage:
On the PPP application, Polyfoam Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,669,600
Business Information - Polyfoam Corp in Northbridge, MA
2355 Providence Rd
Northbridge, MA 1534
Urethane and Other Foam Product (except Polystyrene) Manufacturing
NAICS code 326150
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 445 businesses in the "Urethane and Other Foam Product (except Polystyrene) Manufacturing" industry received a total of $154.94M 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 35 employees, 77% lower than Polyfoam Corp's reported 149 employees, and received an average PPP loan of $348,172, 79% lower than this company's loan of $1.67M.
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Footnotes & Information
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