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

PPP Loan Data — Spencer Turbine Company, Windsor, CT

ALERT: There are 2 PPP loans for a total of $3.52M in our database for businesses with the name "Spencer Turbine Company" in Windsor, CT. 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 Spencer Turbine Company
CT

Spencer Turbine Company

Entity: Corporation

Industry: Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing

Location: Windsor, CT

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Spencer Turbine Company is a corporation located at 600 Day Hill Rd in Windsor, Connecticut that received a Coronavirus-related PPP loan from the SBA of $1,760,485.00 in March, 2021.

$ PPP Loan Information
Loan #3280458701

Loan Size:

$1.76M

Jobs Retained:

84

Loan Approved:

2021-03-31

Loan Status:

Ongoing Loan

Lender:

Loan Source Incorporated
Likely Employment Reduction3

Spencer Turbine Company in Windsor, CT received a Paycheck Protection Loan of $1.76M through Loan Source Incorporated, which was approved in March, 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 size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 84 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 85. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

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, Spencer Turbine Company's 2019 payroll expenses are estimated to be at least $8.45M (not accounting for salary amounts > $100k).

Because the 84 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Spencer Turbine Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,760,479
  • Utilities: $1

Business Information - Spencer Turbine Company in Windsor, CT

Spencer Turbine Company
600 Day Hill Rd
Windsor, CT 6095

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Hartford County, CT — SBA Office 0156 — Congressional District: CT-01

Industry PPP Comparison Statistics

Nationwide, 584 businesses in the "Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing" industry received a total of $141.3M 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 21 employees, 75% lower than Spencer Turbine Company's reported 84 employees, and received an average PPP loan of $241,954, 86% lower than this company's loan of $1.76M.

SBA PPP loan data, payroll data, and salaries for Spencer Turbine Company
CT

Spencer Turbine Company

Entity: Corporation

Industry: Turbine and Turbine Generator Set Units Manufacturing

Location: Windsor, CT

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Spencer Turbine Company is a corporation located at 600 Day Hill Rd in Windsor, Connecticut that received a Coronavirus-related PPP loan from the SBA of $1,760,400.00 in April, 2020.

$ PPP Loan Information
Loan #9093187110

Loan Size:

$1.76M

Jobs Retained:

111

Loan Approved:

2020-04-15

Loan Status:

Ongoing Loan

Lender:

Univest Bank and Trust Co.

Spencer Turbine Company in Windsor, CT received a Paycheck Protection Loan of $1.76M through Univest Bank and Trust Co., which was approved in April, 2020.

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.

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, Spencer Turbine Company's 2019 payroll expenses are estimated to be at least $8.45M.

Based on their reported 111 jobs retained, this equals an estimated average yearly compensation of $76,125 per employee1

Reported PPP Proceed Usage:

On the PPP application, Spencer Turbine Company reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,760,400

Business Information - Spencer Turbine Company in Windsor, CT

Spencer Turbine Company
600 Day Hill Rd
Windsor, CT 6095

Business Industry:
Turbine and Turbine Generator Set Units Manufacturing
NAICS code 333611

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Hartford County, CT — SBA Office 0156 — Congressional District: CT-01

Industry PPP Comparison Statistics

Nationwide, 196 businesses in the "Turbine and Turbine Generator Set Units Manufacturing" industry received a total of $61.21M 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 22 employees, 80% lower than Spencer Turbine Company's reported 111 employees, and received an average PPP loan of $312,300, 82% lower than this company's loan of $1.76M.

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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Source: www.federalpay.org/paycheck-protection-program/spencer-turbine-company-windsor-ct