PPP Loan Data — Quip NYC Inc, Brooklyn, NY
Quip NYC Inc is a corporation located at 45 Main St Ste 616 in Brooklyn, New York that received a Coronavirus-related PPP loan from the SBA of $2,124,407.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Quip NYC Inc in Brooklyn, NY received a Paycheck Protection Loan of $2.12M through Bank of America, National Association, which was approved in May, 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, Quip NYC Inc's 2019 payroll expenses are estimated to be at least $10.2M.
Based on their reported 165 jobs retained, this equals an estimated average yearly compensation of $61,801 per employee1
Reported PPP Proceed Usage:
On the PPP application, Quip NYC Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,124,407
Business Information - Quip NYC Inc in Brooklyn, NY
45 Main St Ste 616
Brooklyn, NY 11201
Soap and Other Detergent Manufacturing
NAICS code 325611
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Brooklyn
In the Brooklyn area, 2 businesses in the "Soap and Other Detergent Manufacturing" industry received a PPP loan. These local businesses reported an average of 83 employees (compared to this company's 165) and received an average PPP loan of $1,067,904 (compared to this company's $2.12M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 1,428 businesses in the "Soap and Other Detergent Manufacturing" industry received a total of $162.26M 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 11 employees, 93% lower than Quip NYC Inc's reported 165 employees, and received an average PPP loan of $113,626, 95% lower than this company's loan of $2.12M.
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Footnotes & Information
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