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PPP Loan Data — Virginia Dare Extract Co., Inc., Brooklyn, NY

SBA PPP loan data, payroll data, and salaries for Virginia Dare Extract Co., Inc.
NY

Virginia Dare Extract Co., Inc.

Entity: Corporation

Industry: Spice and Extract Manufacturing

Location: Brooklyn, NY

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Virginia Dare Extract Co., Inc. is a corporation located at 882 Third Avenue in Brooklyn, New York that received a Coronavirus-related PPP loan from the SBA of $2,830,790.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.83M

Jobs Retained:

170

Loan Approved:

2020-04-10

Lender:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Virginia Dare Extract Co., Inc. in Brooklyn, NY received a Paycheck Protection Loan of $2.83M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Virginia Dare Extract Co., Inc.'s total 2019 payroll expenses were approximately $13.59M in order to qualify for the PPP loan amount received.

Based on their reported 170 jobs retained, this equals an estimated average yearly compensation of $79,928 per employee1.

Because the loan received by Virginia Dare Extract Co., Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Virginia Dare Extract Co., Inc. in Brooklyn, NY

Virginia Dare Extract Co., Inc.
882 Third Avenue
Brooklyn, NY 11232

Business Industry

Spice and Extract Manufacturing (NAICS code 311942)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NY-07

Industry PPP Comparison Statistics

Nationwide, 305 businesses in the "Spice and Extract Manufacturing" industry received a total of $69,173,361.00 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 19 employees, 89% lower than Virginia Dare Extract Co., Inc.'s reported 170 employees, and received an average PPP loan of $226,798, 92% lower than this company's loan of $2.83M.

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, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/virginia-dare-extract-co-inc-brooklyn-ny