PPP Loan Data — Security Systems Inc, Middletown, CT
Security Systems Inc is a subchapter s corporation located at 1125 Middle St in Middletown, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,038,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Savers Co-Operative Bank
Security Systems Inc in Middletown, CT received a Paycheck Protection Loan of $2.04M through Savers Co-Operative Bank, 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, Security Systems Inc's 2019 payroll expenses are estimated to be at least $9.78M.
Based on their reported 342 jobs retained, this equals an estimated average yearly compensation of $28,605 per employee1
Reported PPP Proceed Usage:
On the PPP application, Security Systems Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,038,100
Business Information - Security Systems Inc in Middletown, CT
1125 Middle St
Middletown, CT 6457
Security Systems Services (except Locksmiths)
NAICS code 561621
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Middletown
In the Middletown area, 6 businesses in the "Security Systems Services (except Locksmiths)" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 342) and received an average PPP loan of $620,025 (compared to this company's $2.04M).
Similar Nearby Businesses Who Received PPP Funding:
Security Plus North Eastllc
Security Plus Northeast LLC
The Professionals, LLC
Bright Integrations LLC
Safe Home Security Inc
Industry PPP Comparison Statistics
Nationwide, 9,089 businesses in the "Security Systems Services (except Locksmiths)" industry received a total of $1.11B 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, 96% lower than Security Systems Inc's reported 342 employees, and received an average PPP loan of $122,118, 94% lower than this company's loan of $2.04M.
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Footnotes & Information
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