PPP Loan Data — The Propeller Works, Inc, Canandaigua, NY
The Propeller Works, Inc is a subchapter s corporation located at 53 Leicester Street in Canandaigua, New York that received a Coronavirus-related PPP loan from the SBA of $25,385.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least three people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Manufacturers and Traders Trust Company
The Propeller Works, Inc in Canandaigua, NY received a Paycheck Protection Loan of $25,385 through Manufacturers and Traders Trust Company, 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 February, 2021.
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, The Propeller Works, Inc's 2019 payroll expenses are estimated to be at least $121,848.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,616 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Propeller Works, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,358
- Utilities: $1,027
- Rent: $4,000
Business Information - The Propeller Works, Inc in Canandaigua, NY
53 Leicester Street
Canandaigua, NY 14424
Other Support Activities for Water Transportation
NAICS code 488390
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Rural
Industry PPP Comparison Statistics
Nationwide, 979 businesses in the "Other Support Activities for Water Transportation" industry received a total of $94.76M 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 9 employees, 200% higher than The Propeller Works, Inc's reported 3 employees, and received an average PPP loan of $96,795, 281% higher than this company's loan of $25,385.
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Footnotes & Information
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