PPP Loan Data — Richard Fields, Worcester, MA
Richard Fields is a sole proprietorship located in Worcester, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in January, 2021.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:People's United Bank, National Association
Richard Fields in Worcester, MA received a Paycheck Protection Loan of $25,000 through People's United Bank, National Association, which was approved in January, 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.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Richard Fields reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,996
- Utilities: $1
Business Information - Richard Fields in Worcester, MA
* Full address is redacted to protect the privacy of individuals.
Truck Trailer Manufacturing
NAICS code 336212
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Worcester
In the Worcester area, 4 businesses in the "Truck Trailer Manufacturing" industry received a PPP loan. These local businesses reported an average of 1 employees (compared to this company's 1) and received an average PPP loan of $13,353 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Eddy's Truck Repair Services Corp
Richard Fields DBA First Time Used Cars
Cargo Management Group Inc
Industry PPP Comparison Statistics
Nationwide, 2,209 businesses in the "Truck Trailer Manufacturing" industry received a total of $283.49M 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 12 employees, 1100% higher than Richard Fields' reported 1 employees, and received an average PPP loan of $128,335, 413% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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