PPP Loan Data — Connect Counseling And Wellness, Cresskill, NJ
Connect Counseling And Wellness is a sole proprietorship located at 155 County Road Suite 12 in Cresskill, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Wells Fargo Bank, National Association
Connect Counseling And Wellness in Cresskill, NJ received a Paycheck Protection Loan of $25,000 through Wells Fargo Bank, National Association, which was approved in May, 2020.
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
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, Connect Counseling And Wellness' 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $20,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Connect Counseling And Wellness reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Connect Counseling And Wellness in Cresskill, NJ
155 County Road Suite 12
Cresskill, NJ 7626
Other Personal Care Services
NAICS code 812199
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Cresskill
In the Cresskill area, 3 businesses in the "Other Personal Care Services" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 6) and received an average PPP loan of $24,177 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Justlift Fitness Inc
Industry PPP Comparison Statistics
Nationwide, 76,411 businesses in the "Other Personal Care Services" industry received a total of $1.78B 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 3 employees, 50% lower than Connect Counseling And Wellness' reported 6 employees, and received an average PPP loan of $23,334, 7% lower than this company's loan of $25,000.
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Footnotes & Information
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