PPP Loan Data — Barber Depot II Inc, South Hackensack, NJ
Barber Depot II Inc is a corporation located at 400 Us Highway 46 in South Hackensack, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in May, 2020.
The company has reported itself as an Asian male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:PNC Bank, National Association
Barber Depot II Inc in South Hackensack, NJ received a Paycheck Protection Loan of $25,300 through PNC Bank, National Association, which was approved in May, 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 April, 2021.
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 More
Understanding 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 More
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, Barber Depot II Inc's 2019 payroll expenses are estimated to be at least $121,440.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,360 per employee1
Reported PPP Proceed Usage:
On the PPP application, Barber Depot II Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,300
Business Information - Barber Depot II Inc in South Hackensack, NJ
400 Us Highway 46
South Hackensack, NJ 7606
NAICS code 812111
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Urban
Similar Companies near South Hackensack
In the South Hackensack area, 3 businesses in the "Barber Shops" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $12,433 (compared to this company's $25,300).
Similar Nearby Businesses Who Received PPP Funding:
Pleasant Barber Shop LLC
Industry PPP Comparison Statistics
Nationwide, 135,477 businesses in the "Barber Shops" industry received a total of $2.46B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 50% lower than Barber Depot II Inc's reported 4 employees, and received an average PPP loan of $18,164, 28% lower than this company's loan of $25,300.
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