PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Polyquest Incorporated, Wilmington, NC

ALERT: There are 2 PPP loans for a total of $3.08M in our database for businesses with the name "Polyquest Incorporated" in Wilmington, NC. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Polyquest Incorporated
NC

Polyquest Incorporated

Entity: Corporation

Industry: Plastics Material and Resin Manufacturing

Location: Wilmington, NC

Search All PPP Data

Polyquest Incorporated is a corporation located at 1979 Eastwood Rd Ste 201 in Wilmington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,543,109.00 in February, 2021.

The company has reported itself as a male owned business, and employed at least 115 people during the applicable loan loan period.

$ PPP Loan Information Loan #1632188404

Loan Size:

$1.54M

Jobs Retained:

115

Loan Approved:

2021-02-02

Loan Status:

Ongoing Loan

Lender:

South State Bank, National Association

Polyquest Incorporated in Wilmington, NC received a Paycheck Protection Loan of $1.54M through South State Bank, National Association, which was approved in February, 2021.

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

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Polyquest Incorporated's 2019 payroll expenses are estimated to be at least $7.41M.

Based on their reported 115 jobs retained, this equals an estimated average yearly compensation of $64,408 per employee1

Reported PPP Proceed Usage:

On the PPP application, Polyquest Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,543,106
  • Utilities: $1

Business Information - Polyquest Incorporated in Wilmington, NC

Polyquest Incorporated
1979 Eastwood Rd Ste 201
Wilmington, NC 28403

Business Industry:
Plastics Material and Resin Manufacturing
NAICS code 325211

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

New Hanover County, NC — SBA Office 0460 — Congressional District: NC-07

Similar Companies near Wilmington

In the Wilmington area, 2 businesses in the "Plastics Material and Resin Manufacturing" industry received a PPP loan. These local businesses reported an average of 112 employees (compared to this company's 115) and received an average PPP loan of $1,539,102 (compared to this company's $1.54M).

Similar Nearby Businesses Who Received PPP Funding:

Polyquest, Incorporated
Wilmington, NC

$1.54M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,268 businesses in the "Plastics Material and Resin Manufacturing" industry received a total of $404,002,943.00 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 29 employees, 75% lower than Polyquest Incorporated's reported 115 employees, and received an average PPP loan of $318,614, 79% lower than this company's loan of $1.54M.

SBA PPP loan data, payroll data, and salaries for Polyquest, Incorporated
NC

Polyquest, Incorporated

Entity: Corporation

Industry: Plastics Material and Resin Manufacturing

Location: Wilmington, NC

Search All PPP Data

Polyquest, Incorporated is a corporation located at 1979 Eastwood Rd in Wilmington, North Carolina that received a Coronavirus-related PPP loan from the SBA of $1,535,095.00 in April, 2020.

$ PPP Loan Information Loan #3691297100

Loan Size:

$1.54M

Jobs Retained:

108

Loan Approved:

2020-04-12

Loan Status:

Paid in Full or Forgiven

Lender:

South State Bank, National Association

Polyquest, Incorporated in Wilmington, NC received a Paycheck Protection Loan of $1.54M through South State Bank, National Association, 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 December, 2020.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Polyquest, Incorporated's 2019 payroll expenses are estimated to be at least $7.37M.

Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $68,226 per employee1

Reported PPP Proceed Usage:

On the PPP application, Polyquest, Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,535,095

Business Information - Polyquest, Incorporated in Wilmington, NC

Polyquest, Incorporated
1979 Eastwood Rd
Wilmington, NC 28403

Business Industry:
Plastics Material and Resin Manufacturing
NAICS code 325211

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

New Hanover County, NC — SBA Office 0460 — Congressional District: NC-07

Similar Companies near Wilmington

In the Wilmington area, 2 businesses in the "Plastics Material and Resin Manufacturing" industry received a PPP loan. These local businesses reported an average of 112 employees (compared to this company's 108) and received an average PPP loan of $1,539,102 (compared to this company's $1.54M).

Similar Nearby Businesses Who Received PPP Funding:

Polyquest Incorporated
Wilmington, NC

$1.54M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,268 businesses in the "Plastics Material and Resin Manufacturing" industry received a total of $404,002,943.00 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 29 employees, 73% lower than Polyquest, Incorporated's reported 108 employees, and received an average PPP loan of $318,614, 79% lower than this company's loan of $1.54M.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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Source: www.federalpay.org/paycheck-protection-program/polyquest-incorporated-wilmington-nc