PPP Loan Data — Reed & Reed, Inc, Woolwich, ME
Reed & Reed, Inc is a subchapter s corporation located at 275 River Road in Woolwich, Maine that received a Coronavirus-related PPP loan from the SBA of $3,000,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:KeyBank National Association
Reed & Reed, Inc in Woolwich, ME received a Paycheck Protection Loan of $3M through KeyBank National Association, 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, Reed & Reed, Inc's 2019 payroll expenses are estimated to be at least $14.4M.
Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $80,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Reed & Reed, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,000,000
Business Information - Reed & Reed, Inc in Woolwich, ME
275 River Road
Woolwich, ME 4579
Highway, Street, and Bridge Construction
NAICS code 237310
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Woolwich
In the Woolwich area, 2 businesses in the "Highway, Street, and Bridge Construction" industry received a PPP loan. These local businesses reported an average of 92 employees (compared to this company's 180) and received an average PPP loan of $1,506,726 (compared to this company's $3M).
Similar Nearby Businesses Who Received PPP Funding:
Westport Island, ME
Industry PPP Comparison Statistics
Nationwide, 10,566 businesses in the "Highway, Street, and Bridge Construction" industry received a total of $3.82B 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 27 employees, 85% lower than Reed & Reed, Inc's reported 180 employees, and received an average PPP loan of $361,676, 88% lower than this company's loan of $3M.
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Footnotes & Information
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