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China Ninestar Technology Co. LTD California Cashed-in $416,000 from U.S. Gov. PPP Loans Due to Covid, While Raking in Billion$.

Toner News Mobile › Forums › Toner News Main Forums › China Ninestar Technology Co. LTD California Cashed-in $416,000 from U.S. Gov. PPP Loans Due to Covid, While Raking in Billion$.

Tonernews.com, June 11, 2023. USA
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    jim
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    Ninestar Technology Company LTD Chino, CA. Is a corporation located at 13875 Ramona Ave in Chino, California that received a Coronavirus-related PPP loan from the SBA of $416,682.00 in April, 2020. Ninestar Technology Company LTD in Chino, CA received a Paycheck Protection Loan of $416,682 through Bank of America, National Association, which was approved in April, 2020.

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    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 July, 2021. 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, Ninestar Technology Company LTD’s 2019 payroll expenses are estimated to be at least $2M.

    Based on their reported 43 jobs retained, this equals an estimated average yearly compensation of $46,513 per employee1. On the PPP application, Ninestar Technology Company LTD reported intending to use the proceeds of their PPP loan for the following expenses: Payroll: $416,682.

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    June 11, 2023 at 2:45 PM
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