PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — Eastern Testing & Inspection Inc, Moorestown, NJ

ALERT: There are 2 PPP loans for a total of $1.06M in our database for businesses with the name "Eastern Testing & Inspection Inc" in Moorestown, NJ. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Eastern Testing & Inspection Inc
NJ

Eastern Testing & Inspection Inc

Entity: Corporation

Industry: Testing Laboratories

Location: Moorestown, NJ

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Eastern Testing & Inspection Inc is a corporation located at 810 in Moorestown, New Jersey that received a Coronavirus-related PPP loan from the SBA of $530,773.00 in January, 2021.

$ PPP Loan Information
Loan #4762778308

Loan Size:

$530,773

Jobs Retained:

41

Loan Approved:

2021-01-23

Loan Status:

Active Un-Disbursed

Lender:

Itria Ventures LLC
PPP Funds Undisbursed

Eastern Testing & Inspection Inc in Moorestown, NJ received a Paycheck Protection Loan of $530,773 through Itria Ventures LLC, which was approved in January, 2021.

While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $530,773 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in January, 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.

Read More
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.

Read More

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, Eastern Testing & Inspection Inc's 2019 payroll expenses are estimated to be at least $2.55M.

Based on their reported 41 jobs retained, this equals an estimated average yearly compensation of $62,139 per employee1

Reported PPP Proceed Usage:

On the PPP application, Eastern Testing & Inspection Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $530,767
  • Utilities: $1

Business Information - Eastern Testing & Inspection Inc in Moorestown, NJ

Eastern Testing & Inspection Inc
810
Moorestown, NJ 8057

Business Industry:
Testing Laboratories
NAICS code 541380

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

Burlington County, NJ — SBA Office 0299 — Congressional District: NJ-03

Industry PPP Comparison Statistics

Nationwide, 4,183 businesses in the "Testing Laboratories" industry received a total of $785.22M 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 17 employees, 59% lower than Eastern Testing & Inspection Inc's reported 41 employees, and received an average PPP loan of $187,718, 65% lower than this company's loan of $530,773.

SBA PPP loan data, payroll data, and salaries for Eastern Testing & Inspection, Inc
NJ

Eastern Testing & Inspection, Inc

Entity: Corporation

Industry: Engineering Services

Location: Moorestown, NJ

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Eastern Testing & Inspection, Inc is a corporation located at 810 Cox Rd in Moorestown, New Jersey that received a Coronavirus-related PPP loan from the SBA of $530,700.00 in April, 2020.

$ PPP Loan Information
Loan #9977777105

Loan Size:

$530,700

Jobs Retained:

30

Loan Approved:

2020-04-15

Loan Status:

Ongoing Loan

Lender:

Citizens Bank, National Association

Eastern Testing & Inspection, Inc in Moorestown, NJ received a Paycheck Protection Loan of $530,700 through Citizens Bank, National Association, which was approved in April, 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

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.

Read More
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.

Read More

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, Eastern Testing & Inspection, Inc's 2019 payroll expenses are estimated to be at least $2.55M.

Based on their reported 30 jobs retained, this equals an estimated average yearly compensation of $84,912 per employee1

Reported PPP Proceed Usage:

On the PPP application, Eastern Testing & Inspection, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $530,700

Business Information - Eastern Testing & Inspection, Inc in Moorestown, NJ

Eastern Testing & Inspection, Inc
810 Cox Rd
Moorestown, NJ 8057

Business Industry:
Engineering Services
NAICS code 541330

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

Burlington County, NJ — SBA Office 0299 — Congressional District: NJ-03

Similar Companies near Moorestown

In the Moorestown area, 10 businesses in the "Engineering Services" industry received a PPP loan. These local businesses reported an average of 37 employees (compared to this company's 30) and received an average PPP loan of $709,056 (compared to this company's $530,700).

Industry PPP Comparison Statistics

Nationwide, 42,689 businesses in the "Engineering Services" industry received a total of $8.99B 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 14 employees, 53% lower than Eastern Testing & Inspection, Inc's reported 30 employees, and received an average PPP loan of $210,573, 60% lower than this company's loan of $530,700.

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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Source: www.federalpay.org/paycheck-protection-program/eastern-testing-inspection-inc-moorestown-nj