PPP Loan Data — Power Products Systems, LLC, Wakefield, MA
Power Products Systems, LLC
Entity: Limited Liability Company (LLC)
Industry: Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
Location: Wakefield, MATweet This • Search All PPP Data
Power Products Systems, LLC is a limited liability company (LLC) located at 90 Bay State Rd in Wakefield, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $1,925,600.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:People's United Bank, National Association
Power Products Systems, LLC in Wakefield, MA received a Paycheck Protection Loan of $1.93M through People's United 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 May, 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, Power Products Systems, LLC's 2019 payroll expenses are estimated to be at least $9.24M.
Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $85,582 per employee1
Reported PPP Proceed Usage:
On the PPP application, Power Products Systems, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,925,600
Business Information - Power Products Systems, LLC in Wakefield, MA
90 Bay State Rd
Wakefield, MA 1880
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
NAICS code 811310
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, 22,310 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a total of $2.27B 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 9 employees, 92% lower than Power Products Systems, LLC's reported 108 employees, and received an average PPP loan of $101,583, 95% lower than this company's loan of $1.93M.
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Footnotes & Information
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