PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Sharfmans Inc, Worcester, MA

ALERT: There are 2 PPP loans for a total of $188,295 in our database for businesses with the name "Sharfmans Inc" in Worcester, MA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Sharfmans Inc
MA

Sharfmans Inc

Entity: Corporation

Industry: All Other Miscellaneous Store Retailers (except Tobacco Stores)

Location: Worcester, MA

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Sharfmans Inc is a corporation located at 19glennie St. in Worcester, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $100,595.00 in January, 2021.

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

$ PPP Loan Information
Loan #1909798305

Loan Size:

$100,595

Jobs Retained:

10

Loan Approved:

2021-01-20

Loan Status:

Ongoing Loan

Lender:

UniBank for Savings

Sharfmans Inc in Worcester, MA received a Paycheck Protection Loan of $100,595 through UniBank for Savings, 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 loan's status was last updated by the SBA in November, -0001.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Sharfmans Inc's 2019 payroll expenses are estimated to be at least $482,856.

Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $48,286 per employee1

Reported PPP Proceed Usage:

On the PPP application, Sharfmans Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $100,595

Business Information - Sharfmans Inc in Worcester, MA

Sharfmans Inc
19glennie St.
Worcester, MA 1605

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: N

Rural / Urban: Urban

Worcester County, MA — SBA Office 0101 — Congressional District: MA-02

Similar Companies near Worcester

In the Worcester area, 14 businesses in the "All Other Miscellaneous Store Retailers (except Tobacco Stores)" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 10) and received an average PPP loan of $24,380 (compared to this company's $100,595).

Industry PPP Comparison Statistics

Nationwide, 146,534 businesses in the "All Other Miscellaneous Store Retailers (except Tobacco Stores)" industry received a total of $5.11B in PPP loans. These businesses account for 1% 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, 60% lower than Sharfmans Inc's reported 10 employees, and received an average PPP loan of $34,905, 65% lower than this company's loan of $100,595.

SBA PPP loan data, payroll data, and salaries for Sharfmans, Inc
MA

Sharfmans, Inc

Entity: Corporation

Industry: Jewelry Stores

Location: Worcester, MA

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Sharfmans, Inc is a corporation located at 10 Glennie Street in Worcester, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $87,700.00 in April, 2020.

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

$ PPP Loan Information
Loan #7224657100

Loan Size:

$87,700

Jobs Retained:

10

Loan Approved:

2020-04-14

Loan Status:

Paid in Full or Forgiven

Lender:

UniBank for Savings

Sharfmans, Inc in Worcester, MA received a Paycheck Protection Loan of $87,700 through UniBank for Savings, which was approved in April, 2020.

This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in January, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Sharfmans, Inc's 2019 payroll expenses are estimated to be at least $420,960.

Based on their reported 10 jobs retained, this equals an estimated average yearly compensation of $42,096 per employee1

Reported PPP Proceed Usage:

On the PPP application, Sharfmans, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $87,700

Business Information - Sharfmans, Inc in Worcester, MA

Sharfmans, Inc
10 Glennie Street
Worcester, MA 1605

Business Industry:
Jewelry Stores
NAICS code 448310

Business Owner Demographics

Race: White

Ethnicity: Not Hispanic or Latino

Gender: Male Owned

Veteran Status: Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Worcester County, MA — SBA Office 0101 — Congressional District: MA-02

Similar Companies near Worcester

In the Worcester area, 6 businesses in the "Jewelry Stores" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 10) and received an average PPP loan of $37,991 (compared to this company's $87,700).

Industry PPP Comparison Statistics

Nationwide, 21,963 businesses in the "Jewelry Stores" industry received a total of $952.21M 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 5 employees, 50% lower than Sharfmans, Inc's reported 10 employees, and received an average PPP loan of $43,355, 51% lower than this company's loan of $87,700.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/sharfmans-inc-worcester-ma