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PPP Loan Data — Canfield Scientific Inc,
Parsippany, NJ
Canfield Scientific Inc
Entity: Subchapter S Corporation
Industry: Data Processing, Hosting, and Related Services
Location: Parsippany, NJ
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Canfield Scientific Inc is a subchapter s corporation located at 4 Woodhollow Rd in Parsippany, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.
$
PPP Loan Information
Loan #7762838306
Loan Size:
Jobs Retained:
212Loan Approved:
2021-01-28Loan Status:
Ongoing LoanLender:
Columbia BankCanfield Scientific Inc in Parsippany, NJ received a Paycheck Protection Loan of $2M through Columbia Bank, 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, Canfield Scientific Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 212 jobs retained, this equals an estimated average yearly compensation of $45,283 per employee1
Reported PPP Proceed Usage:
On the PPP application, Canfield Scientific Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Canfield Scientific Inc in Parsippany, NJ
4 Woodhollow Rd
Parsippany, NJ 7054
Business Industry:
Data Processing, Hosting, and Related Services
NAICS code 518210
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
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Canfield Scientific Inc.
CG Albrecht Aia Architect Inc
Architectural Services
Similar Companies near Parsippany
In the Parsippany area, 4 businesses in the "Data Processing, Hosting, and Related Services" industry received a PPP loan. These local businesses reported an average of 86 employees (compared to this company's 212) and received an average PPP loan of $1,158,177 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Infotier LLC
Parsippany, NJ
Z And A Infotek Corporation
Parsippany, NJ
Aibar, LLC
Parsippany, NJ
Industry PPP Comparison Statistics
Nationwide, 10,054 businesses in the "Data Processing, Hosting, and Related Services" industry received a total of $1.51B 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 11 employees, 95% lower than Canfield Scientific Inc's reported 212 employees, and received an average PPP loan of $149,750, 93% lower than this company's loan of $2M.
Canfield Scientific Inc
Entity: Subchapter S Corporation
Industry: Diagnostic Imaging Centers
Location: Parsippany, NJ
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Canfield Scientific Inc is a subchapter s corporation located at 4 Woodhollow Rd in Parsippany, New Jersey that received a Coronavirus-related PPP loan from the SBA of $4,121,035.00 in April, 2020.
$
PPP Loan Information
Loan #8739967005
Loan Size:
Jobs Retained:
227Loan Approved:
2020-04-08Loan Status:
Paid in Full or ForgivenLender:
Columbia BankCanfield Scientific Inc in Parsippany, NJ received a Paycheck Protection Loan of $4.12M through Columbia Bank, which was approved in April, 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 June, 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 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, Canfield Scientific Inc's 2019 payroll expenses are estimated to be at least $19.78M.
Based on their reported 227 jobs retained, this equals an estimated average yearly compensation of $87,141 per employee1
Reported PPP Proceed Usage:
On the PPP application, Canfield Scientific Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,121,035
Business Information - Canfield Scientific Inc in Parsippany, NJ
4 Woodhollow Rd
Parsippany, NJ 7054
Business Industry:
Diagnostic Imaging Centers
NAICS code 621512
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There is one other business that received a PPP loan registered to the same address as Canfield Scientific Inc.
CG Albrecht Aia Architect Inc
Architectural Services
Similar Companies near Parsippany
In the Parsippany area, 3 businesses in the "Diagnostic Imaging Centers" industry received a PPP loan. These local businesses reported an average of 78 employees (compared to this company's 227) and received an average PPP loan of $1,381,986 (compared to this company's $4.12M).
Similar Nearby Businesses Who Received PPP Funding:
Garden State Open Mri Diagnostic Center Inc
Passaic, NJ
Garden State Open Mri
Passaic, NJ
Industry PPP Comparison Statistics
Nationwide, 3,211 businesses in the "Diagnostic Imaging Centers" industry received a total of $543.17M 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, 94% lower than Canfield Scientific Inc's reported 227 employees, and received an average PPP loan of $169,160, 96% lower than this company's loan of $4.12M.
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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