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PPP Loan Data — Salem Wax Museum Inc, Salem, MA

SBA PPP loan data, payroll data, and salaries for Salem Wax Museum Inc
MA

Salem Wax Museum Inc

Entity: Corporation

Industry: Museums

Location: Salem, MA

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Salem Wax Museum Inc is a corporation located at 288 Derby St in Salem, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $62,925.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 31 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$62,925

Jobs Retained:

31

Loan Approved:

2020-04-12

Lender:

TD BANK, NATIONAL ASSOCIATION

Salem Wax Museum Inc received a Paycheck Protection Loan of $62,925 through TD BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Salem Wax Museum Inc's total 2019 payroll expenses were approximately $302,040 in order to qualify for the PPP loan amount received.

Based on their reported 31 jobs retained, this equals an estimated average yearly compensation of $9,743 per employee1.

Business Information - Salem Wax Museum Inc in Salem, MA

Salem Wax Museum Inc
288 Derby St
Salem, MA 1970

Business Industry

Museums (NAICS code 712110)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MA-06

Similar Companies near Salem

In the Salem area, 6 businesses in the "Museums" industry received a PPP loan. These local businesses reported an average of 61 employees (compared to this company's 31) and received an average PPP loan of $507,459 (compared to this company's $62,925).

Industry PPP Comparison Statistics

Nationwide, 4,135 businesses in the "Museums" industry received a total of $670,583,040.00 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 16 employees, 48% lower than Salem Wax Museum Inc's reported 31 employees, and received an average PPP loan of $162,172, 158% higher than this company's loan of $62,925.

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.

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Footnotes & Information

1. 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/salem-wax-museum-inc-salem-ma