PPP Loan Data — Sweeney Drywall Finishes Corp., Boxborough, MA
Sweeney Drywall Finishes Corp. is a subchapter s corporation located at 330 Codman Hill Rd in Boxborough, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 152 people during the applicable loan loan period.
$ PPP Loan Information
Lender:MIDDLESEX SAVINGS BANK
Sweeney Drywall Finishes Corp. in Boxborough, MA received a Paycheck Protection Loan of $10M through MIDDLESEX SAVINGS BANK, which was approved in April, 2020.
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 152 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 480.
Based on standard PPP eligibility rules, Sweeney Drywall Finishes Corp.'s total 2019 payroll expenses were approximately $48M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 152 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Sweeney Drywall Finishes Corp. in Boxborough, MA
330 Codman Hill Rd
Boxborough, MA 01719
Drywall and Insulation Contractors (NAICS code 238310)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: MA-03
Industry PPP Comparison Statistics
Nationwide, 8,671 businesses in the "Drywall and Insulation Contractors" industry received a total of $1,670,996,792.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 14 employees, 91% lower than Sweeney Drywall Finishes Corp.'s reported 152 employees, and received an average PPP loan of $192,711, 98% lower than this company's loan of $10M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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