PPP Loan Data — DIY Media Group, Inc, Pennsauken, NJ

DIY Media Group, Inc

Entity: Corporation

Industry: Software and Other Prerecorded Compact Disc, Tape, and Record Reproducing

Location: Pennsauken, NJ

DIY Media Group, Inc is a corporation located at 7905 N Route in Pennsauken, New Jersey that received a Coronavirus-related PPP loan from the SBA of $3,636,900.00 in April, 2020.

$ PPP Loan Information
Loan #6425547006

Loan Size:

$3.64M

Jobs Retained:

283

Loan Approved:

2020-04-06

Loan Status:

Paid in Full or Forgiven

Lender:

CIBC Bank USA

DIY Media Group, Inc in Pennsauken, NJ received a Paycheck Protection Loan of $3.64M through CIBC Bank USA, 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, DIY Media Group, Inc's 2019 payroll expenses are estimated to be at least $17.46M.

Based on their reported 283 jobs retained, this equals an estimated average yearly compensation of $61,686 per employee¹

Reported PPP Proceed Usage:

On the PPP application, DIY Media Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,636,900

Because the loan received by DIY Media Group, Inc 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 - DIY Media Group, Inc in Pennsauken, NJ

DIY Media Group, Inc
7905 N Route
Pennsauken, NJ 8110

Business Industry:
Software and Other Prerecorded Compact Disc, Tape, and Record Reproducing
NAICS code 334614

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: Y

HUBZone: N

Rural / Urban: Urban

Camden County, NJ — SBA Office 0299 — Congressional District: NJ-01

Industry PPP Comparison Statistics

Nationwide, 1,474 businesses in the "Software and Other Prerecorded Compact Disc, Tape, and Record Reproducing" industry received a total of $155M 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 8 employees, 97% lower than DIY Media Group, Inc's reported 283 employees, and received an average PPP loan of $105,158, 97% lower than this company's loan of $3.64M.

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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