PPP Loan Data — Colonial Record Storage, Hackensack, NJ
Colonial Record Storage is a limited liability company (LLC) located at 17 Mercer Street in Hackensack, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Colonial Record Storage in Hackensack, NJ received a Paycheck Protection Loan of $25,000 through Lakeland 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 February, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, Colonial Record Storage's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Colonial Record Storage reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Colonial Record Storage in Hackensack, NJ
17 Mercer Street
Hackensack, NJ 7601
General Freight Trucking, Local
NAICS code 484110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Hackensack
In the Hackensack area, 52 businesses in the "General Freight Trucking, Local" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 2) and received an average PPP loan of $21,345 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Shooting Star Sport LLC
South Hackensack, NJ
Mustafa Emre Yalman
Industry PPP Comparison Statistics
Nationwide, 175,867 businesses in the "General Freight Trucking, Local" industry received a total of $6.6B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 100% higher than Colonial Record Storage's reported 2 employees, and received an average PPP loan of $37,520, 50% higher than this company's loan of $25,000.
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Footnotes & Information
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