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PPP Loan Data — Turbine Controls Inc,
Bloomfield, CT
Turbine Controls Inc
Entity: Subchapter S Corporation
Industry: Other Support Activities for Air Transportation
Location: Bloomfield, CT
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Turbine Controls Inc is a subchapter s corporation located at 5 Old Windsor Rd in Bloomfield, Connecticut that received a Coronavirus-related PPP loan from the SBA of $1,853,847.00 in January, 2021.
$ PPP Loan Information Loan #5555728306
Loan Size:
Jobs Retained:
120Loan Approved:
2021-01-25Loan Status:
Ongoing LoanLender:
People's United Bank, National AssociationTurbine Controls Inc in Bloomfield, CT received a Paycheck Protection Loan of $1.85M through People's United Bank, National Association, which was approved in January, 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.
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, Turbine Controls Inc's 2019 payroll expenses are estimated to be at least $8.9M.
Based on their reported 120 jobs retained, this equals an estimated average yearly compensation of $74,154 per employee1
Reported PPP Proceed Usage:
On the PPP application, Turbine Controls Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,853,844
- Utilities: $1
Business Information - Turbine Controls Inc in Bloomfield, CT
5 Old Windsor Rd
Bloomfield, CT 6002
Business Industry:
Other Support Activities for Air Transportation
NAICS code 488190
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
Industry PPP Comparison Statistics
Nationwide, 3,184 businesses in the "Other Support Activities for Air Transportation" industry received a total of $503,048,847.00 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, 88% lower than Turbine Controls Inc's reported 120 employees, and received an average PPP loan of $157,993, 91% lower than this company's loan of $1.85M.
Turbine Controls, Inc
Entity: Subchapter S Corporation
Industry: Aircraft Engine and Engine Parts Manufacturing
Location: Bloomfield, CT
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Turbine Controls, Inc is a subchapter s corporation located at 5 Old Windsor Rd in Bloomfield, Connecticut that received a Coronavirus-related PPP loan from the SBA of $2,494,567.00 in April, 2020.
$ PPP Loan Information Loan #5127617000
Loan Size:
Jobs Retained:
180Loan Approved:
2020-04-05Loan Status:
Ongoing LoanLender:
People's United Bank, National AssociationTurbine Controls, Inc in Bloomfield, CT received a Paycheck Protection Loan of $2.49M through People's United Bank, National Association, 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 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, Turbine Controls, Inc's 2019 payroll expenses are estimated to be at least $11.97M.
Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $66,522 per employee1
Reported PPP Proceed Usage:
On the PPP application, Turbine Controls, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,494,567
Business Information - Turbine Controls, Inc in Bloomfield, CT
5 Old Windsor Rd
Bloomfield, CT 6002
Business Industry:
Aircraft Engine and Engine Parts Manufacturing
NAICS code 336412
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
Similar Companies near Bloomfield
In the Bloomfield area, 4 businesses in the "Aircraft Engine and Engine Parts Manufacturing" industry received a PPP loan. These local businesses reported an average of 91 employees (compared to this company's 180) and received an average PPP loan of $1,302,620 (compared to this company's $2.49M).
Similar Nearby Businesses Who Received PPP Funding:
Astro Aircom LLC
Bloomfield, CT
Birken MFG. Company
Bloomfield, CT
Aerospace Alloys Inc
Bloomfield, CT
Industry PPP Comparison Statistics
Nationwide, 690 businesses in the "Aircraft Engine and Engine Parts Manufacturing" industry received a total of $313,901,405.00 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 35 employees, 81% lower than Turbine Controls, Inc's reported 180 employees, and received an average PPP loan of $454,930, 82% lower than this company's loan of $2.49M.
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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