PPP Loan Data — E Morgage Management LLC, Cherry Hill, NJ

E Morgage Management LLC

Entity: Limited Liability Company (LLC)

Industry: Mortgage and Nonmortgage Loan Brokers

Location: Cherry Hill, NJ

E Morgage Management LLC is a limited liability company (LLC) located at 3 Executive Campus, Ste 520 in Cherry Hill, New Jersey that received a Coronavirus-related PPP loan from the SBA of $4,100,700.00 in April, 2020.

$ PPP Loan Information
Loan #4835007110

Loan Size:

$4.1M

Jobs Retained:

269

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

PNC Bank, National Association

E Morgage Management LLC in Cherry Hill, NJ received a Paycheck Protection Loan of $4.1M through PNC 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, E Morgage Management LLC's 2019 payroll expenses are estimated to be at least $19.68M.

Based on their reported 269 jobs retained, this equals an estimated average yearly compensation of $73,172 per employee¹

Reported PPP Proceed Usage:

On the PPP application, E Morgage Management LLC reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,100,700

Because the loan received by E Morgage Management LLC 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 - E Morgage Management LLC in Cherry Hill, NJ

E Morgage Management LLC
3 Executive Campus, Ste 520
Cherry Hill, NJ 8002

Business Industry:
Mortgage and Nonmortgage Loan Brokers
NAICS code 522310

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

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

Similar Companies near Cherry Hill

In the Cherry Hill area, 4 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a PPP loan. These local businesses reported an average of 76 employees (compared to this company's 269) and received an average PPP loan of $1,145,325 (compared to this company's $4.1M).

Similar Nearby Businesses Who Received PPP Funding:

TAM Lending Center Inc
Cherry Hill, NJ

$300,000 PPP Loan

JCI Capital LLC
Cherry Hill, NJ

$20,800 PPP Loan

Regional Broker, Inc
Cherry Hill, NJ

$159,800 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 6,640 businesses in the "Mortgage and Nonmortgage Loan Brokers" industry received a total of $676.38M 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 E Morgage Management LLC's reported 269 employees, and received an average PPP loan of $101,864, 98% lower than this company's loan of $4.1M.

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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