PPP Loan Data — Sitko Incorporated, Saugus, MA
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Sitko Incorporated is a corporation located at 51 Dudley St in Saugus, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $46,347.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Sitko Incorporated in Saugus, MA received a Paycheck Protection Loan of $46,347 through Eastern 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, Sitko Incorporated's 2019 payroll expenses are estimated to be at least $222,466.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $31,781 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sitko Incorporated reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,347
Business Information - Sitko Incorporated in Saugus, MA
51 Dudley St
Saugus, MA 1906
New Single-Family Housing Construction (except For-Sale Builders)
NAICS code 236115
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Saugus
In the Saugus area, 27 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 7) and received an average PPP loan of $52,238 (compared to this company's $46,347).
Similar Nearby Businesses Who Received PPP Funding:
Wolfe Builders LLC
Precise Home Builders LLC
All Stars Quality Full Service, Inc
Nmti General Contractorsinc
Philip Casella Construction, Inc
NAS Contracting Inc
Wilson Bros. Construction, Inc
Industry PPP Comparison Statistics
Nationwide, 127,156 businesses in the "New Single-Family Housing Construction (except For-Sale Builders)" industry received a total of $5.75B 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 5 employees, 29% lower than Sitko Incorporated's reported 7 employees, and received an average PPP loan of $45,182, 3% lower than this company's loan of $46,347.
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