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PPP Loan Data — Three Amigos Fishing Corp,
New Bedford, MA
Three Amigos Fishing Corp
Entity: Subchapter S Corporation
Industry: Fish and Seafood Merchant Wholesalers
Location: New Bedford, MA
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Three Amigos Fishing Corp is a subchapter s corporation located at 13 Centre St in New Bedford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $130,582.00 in February, 2021.
$
PPP Loan Information
Loan #3411448405
Loan Size:
Jobs Retained:
5Loan Approved:
2021-02-04Loan Status:
Ongoing LoanLender:
Webster Bank, National AssociationThree Amigos Fishing Corp in New Bedford, MA received a Paycheck Protection Loan of $130,582 through Webster Bank, National Association, which was approved in February, 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 5 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 6. 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 MoreUnderstanding 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 MoreBased 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, Three Amigos Fishing Corp's 2019 payroll expenses are estimated to be at least $626,794 (not accounting for salary amounts > $100k).
Because the 5 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, Three Amigos Fishing Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $130,580
- Utilities: $1
Business Information - Three Amigos Fishing Corp in New Bedford, MA
13 Centre St
New Bedford, MA 2740
Business Industry:
Fish and Seafood Merchant Wholesalers
NAICS code 424460
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: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near New Bedford
In the New Bedford area, 22 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 5) and received an average PPP loan of $479,036 (compared to this company's $130,582).
Similar Nearby Businesses Who Received PPP Funding:
Mariner Seafood LLC
New Bedford, MA
Big G Seafood Inc
New Bedford, MA
East Coast Seafood Group, LLC
New Bedford, MA
Jessica & Susan Fishing LLC
New Bedford, MA
Eastern Fisheries, Inc
New Bedford, MA
Tempest Fisheries, LTD
New Bedford, MA
Northern Wind, Inc
New Bedford, MA
Liberty Lobster Company
New Bedford, MA
Nebula Foods, Inc
New Bedford, MA
Industry PPP Comparison Statistics
Nationwide, 2,714 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a total of $347.17M 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 14 employees, 180% higher than Three Amigos Fishing Corp's reported 5 employees, and received an average PPP loan of $127,917, 2% lower than this company's loan of $130,582.
Three Amigos Fishing Corp
Entity: Subchapter S Corporation
Industry: Fish and Seafood Merchant Wholesalers
Location: New Bedford, MA
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Three Amigos Fishing Corp is a subchapter s corporation located at 13 Centre St in New Bedford, Massachusetts that received a Coronavirus-related PPP loan from the SBA of $123,973.00 in June, 2020.
$
PPP Loan Information
Loan #6437338006
Loan Size:
Jobs Retained:
19Loan Approved:
2020-06-30Loan Status:
Ongoing LoanLender:
Webster Bank, National AssociationThree Amigos Fishing Corp in New Bedford, MA received a Paycheck Protection Loan of $123,973 through Webster Bank, National Association, which was approved in June, 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 MoreUnderstanding 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 MoreBased 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, Three Amigos Fishing Corp's 2019 payroll expenses are estimated to be at least $595,070.
Based on their reported 19 jobs retained, this equals an estimated average yearly compensation of $31,319 per employee1
Reported PPP Proceed Usage:
On the PPP application, Three Amigos Fishing Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $123,973
Business Information - Three Amigos Fishing Corp in New Bedford, MA
13 Centre St
New Bedford, MA 2740
Business Industry:
Fish and Seafood Merchant Wholesalers
NAICS code 424460
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: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near New Bedford
In the New Bedford area, 22 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 47 employees (compared to this company's 19) and received an average PPP loan of $479,036 (compared to this company's $123,973).
Similar Nearby Businesses Who Received PPP Funding:
Mariner Seafood LLC
New Bedford, MA
Big G Seafood Inc
New Bedford, MA
East Coast Seafood Group, LLC
New Bedford, MA
Jessica & Susan Fishing LLC
New Bedford, MA
Eastern Fisheries, Inc
New Bedford, MA
Tempest Fisheries, LTD
New Bedford, MA
Northern Wind, Inc
New Bedford, MA
Liberty Lobster Company
New Bedford, MA
Nebula Foods, Inc
New Bedford, MA
Industry PPP Comparison Statistics
Nationwide, 2,714 businesses in the "Fish and Seafood Merchant Wholesalers" industry received a total of $347.17M 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 14 employees, 26% lower than Three Amigos Fishing Corp's reported 19 employees, and received an average PPP loan of $127,917, 3% higher than this company's loan of $123,973.
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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