PPP Loan Data — Schmitt-Sussman Enterprises, Inc., Orange, CT
Schmitt-Sussman Enterprises, Inc. is a subchapter s corporation located at 34 Prindle Hill Rd in Orange, Connecticut that received a Coronavirus-related PPP loan from the SBA of $3,432,100.00 in April, 2020.
$ PPP Loan Information
Lender:CIBC BANK USA
Schmitt-Sussman Enterprises, Inc. in Orange, CT received a Paycheck Protection Loan of $3.43M through CIBC BANK USA, which was approved in April, 2020.
Based on standard PPP eligibility rules, Schmitt-Sussman Enterprises, Inc.'s total 2019 payroll expenses were approximately $16.47M in order to qualify for the PPP loan amount received.
Based on their reported 235 jobs retained, this equals an estimated average yearly compensation of $70,102 per employee1.
Business Information - Schmitt-Sussman Enterprises, Inc. in Orange, CT
34 Prindle Hill Rd
Orange, CT 06477
Insurance Agencies and Brokerages (NAICS code 524210)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: CT-03
Similar Companies near Orange
In the Orange area, 7 businesses in the "Insurance Agencies and Brokerages" industry received a PPP loan. These local businesses reported an average of 41 employees (compared to this company's 235) and received an average PPP loan of $586,851 (compared to this company's $3.43M).
Similar Nearby Businesses Who Received PPP Funding:
Cretella & Belowsky LLC
William J Grohs Aviation Inc
Rose Insurance Agency LLC
Orange Insurance Center Inc
Industry PPP Comparison Statistics
Nationwide, 90,958 businesses in the "Insurance Agencies and Brokerages" industry received a total of $4,494,836,388.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 98% lower than Schmitt-Sussman Enterprises, Inc.'s reported 235 employees, and received an average PPP loan of $49,417, 99% lower than this company's loan of $3.43M.
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, and is published unmodified, as provided by the SBA.
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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