PPP Loan Data — Connell Foley LLP, Roseland, NJ

Connell Foley LLP

Entity: Partnership

Industry: Offices of Lawyers

Location: Roseland, NJ

Connell Foley LLP is a partnership located at 56 Livingston Avenue 0.0 in Roseland, New Jersey that received a Coronavirus-related PPP loan from the SBA of $5,040,400.00 in April, 2020.

$ PPP Loan Information
Loan #9503637009

Loan Size:

$5.04M

Jobs Retained:

253

Loan Approved:

2020-04-09

Loan Status:

Paid in Full or Forgiven

Lender:

JPMorgan Chase Bank, National Association

Connell Foley LLP in Roseland, NJ received a Paycheck Protection Loan of $5.04M through JPMorgan Chase Bank, National Association, 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 July, 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.

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.

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, Connell Foley LLP's 2019 payroll expenses are estimated to be at least $24.19M.

Based on their reported 253 jobs retained, this equals an estimated average yearly compensation of $95,628 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Connell Foley LLP reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,780,300
Utilities: $100,000
Rent: $740,000
Health Care: $420,100

Because the loan received by Connell Foley LLP is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Connell Foley LLP in Roseland, NJ

Connell Foley LLP
56 Livingston Avenue 0.0
Roseland, NJ 7068

Business Industry:
Offices of Lawyers
NAICS code 541110

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

Essex County, NJ — SBA Office 0299 — Congressional District: NJ-11

Similar Companies near Roseland

In the Roseland area, 65 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 253) and received an average PPP loan of $432,674 (compared to this company's $5.04M).

Similar Nearby Businesses Who Received PPP Funding:

Scott H Novak, Attorney At Law LLC
Roseland, NJ

$20,830 PPP Loan

Starr Gern Davison & Rubin PC
Roseland, NJ

$561,285 PPP Loan

Soriano Henkel Biehl & Matthews PC
Roseland, NJ

$238,000 PPP Loan

Nagel Rice LLP
Roseland, NJ

$376,435 PPP Loan

Stern Lavinthal And Frankenberg LLC
Roseland, NJ

$524,805 PPP Loan

Mitzner & Mitzner PA
Watchung, NJ

$56,013 PPP Loan

Callahan & Fusco LLC
Roseland, NJ

$558,582 PPP Loan

NP Law LLC
Roseland, NJ

$54,340 PPP Loan

Berkowitz Lichtstein Kuritsky Biasullo And Gross LLC
Roseland, NJ

$561,420 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 200,380 businesses in the "Offices of Lawyers" industry received a total of $16.35B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 6 employees, 98% lower than Connell Foley LLP's reported 253 employees, and received an average PPP loan of $81,591, 98% lower than this company's loan of $5.04M.

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.

Search FederalPay's Full PPP Loan Database

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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