PPP Loan Data — Cornerstone Counseling Services LLC, Newark, NJ
Cornerstone Counseling Services LLC is a limited liability company (LLC) located in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $23,514.00 in August, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Cross River Bank
Cornerstone Counseling Services LLC in Newark, NJ received a Paycheck Protection Loan of $23,514 through Cross River Bank, which was approved in August, 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, 2022.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Cornerstone Counseling Services LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $23,514
Business Information - Cornerstone Counseling Services LLC in Newark, NJ
* Full address is redacted to protect the privacy of individuals.
Educational Support Services
NAICS code 611710
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Newark
In the Newark area, 15 businesses in the "Educational Support Services" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 1) and received an average PPP loan of $109,091 (compared to this company's $23,514).
Similar Nearby Businesses Who Received PPP Funding:
Philip's Education Partners Inc
NJ Edge.net Inc
NAN Newark Tech World
Newark Trust For Education Inc
New Jersey Coalition For Inclusion Education, Inc
Industry PPP Comparison Statistics
Nationwide, 38,218 businesses in the "Educational Support Services" industry received a total of $2.32B 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 7 employees, 600% higher than Cornerstone Counseling Services LLC's reported 1 employees, and received an average PPP loan of $60,661, 158% higher than this company's loan of $23,514.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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