PPP Loan Data — Sophaline LLC, Greenfield, MA
Sophaline LLC is a limited liability company (LLC) located at 282 Main St in Greenfield, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $47,179.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Greenfield Co-Operative Bank
Sophaline LLC in Greenfield, MA received a Paycheck Protection Loan of $47,179 through Greenfield 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, Sophaline LLC's 2019 payroll expenses are estimated to be at least $226,459.
Based on their reported 11 jobs retained, this equals an estimated average yearly compensation of $20,587 per employee1
Reported PPP Proceed Usage:
On the PPP application, Sophaline LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $47,179
Business Information - Sophaline LLC in Greenfield, MA
282 Main St
Greenfield, MA 1301
NAICS code 722513
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Rural
Similar Companies near Greenfield
In the Greenfield area, 10 businesses in the "Limited-Service Restaurants" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 11) and received an average PPP loan of $68,693 (compared to this company's $47,179).
Similar Nearby Businesses Who Received PPP Funding:
A Bottle Of Bread, Inc
Greenfield Lodge Of Elks # 1296
El Greco One LLC
Mota Donuts, Inc
Asian Buffet Of Greenfield Inc
Greenfield Donuts, Inc
Pete's Fish Market
Industry PPP Comparison Statistics
Nationwide, 137,629 businesses in the "Limited-Service Restaurants" industry received a total of $13.9B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 21 employees, 91% higher than Sophaline LLC's reported 11 employees, and received an average PPP loan of $100,980, 114% higher than this company's loan of $47,179.
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.
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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