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PPP Loan Data — Faps Inc,
Newark, NJ
Faps Inc
Entity: Subchapter S Corporation
Industry: Automotive Body, Paint, and Interior Repair and Maintenance
Location: Newark, NJ
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Faps Inc is a subchapter s corporation located at 371 Craneway St in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in March, 2021.
$
PPP Loan Information
Loan #9684538509
Loan Size:
Jobs Retained:
294Loan Approved:
2021-03-12Loan Status:
Paid in Full or ForgivenLender:
Webster Bank National AssociationFaps Inc in Newark, NJ received a Paycheck Protection Loan of $2M through Webster Bank National Association, which was approved in March, 2021.
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 January, 2022.
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 MoreUnderstanding 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 MoreBased 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, Faps Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 294 jobs retained, this equals an estimated average yearly compensation of $32,653 per employee1
Reported PPP Proceed Usage:
On the PPP application, Faps Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,997
- Utilities: $1
Business Information - Faps Inc in Newark, NJ
371 Craneway St
Newark, NJ 7114
Business Industry:
Automotive Body, Paint, and Interior Repair and Maintenance
NAICS code 811121
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
Similar Companies near Newark
In the Newark area, 21 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 294) and received an average PPP loan of $396,015 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
GMT Maintenance Co Inc
Newark, NJ
GMT Maintenance Inc
Newark, NJ
Richmond Auto Body Co Inc
Newark, NJ
One Stop Auto Body LLC
Newark, NJ
Gibson Auto Works LLC
Newark, NJ
Hossain Brothers Inc
Newark, NJ
Ecua Henivad Body Shop And Fender LLC
Newark, NJ
Lusamer Auto Body Corp
Newark, NJ
Industry PPP Comparison Statistics
Nationwide, 41,319 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a total of $2.52B 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 6 employees, 98% lower than Faps Inc's reported 294 employees, and received an average PPP loan of $61,008, 97% lower than this company's loan of $2M.
Faps, Inc
Entity: Subchapter S Corporation
Industry: Automotive Body, Paint, and Interior Repair and Maintenance
Location: Newark, NJ
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•
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Faps, Inc is a subchapter s corporation located at 371 Craneway St in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $5,089,645.00 in April, 2020.
$
PPP Loan Information
Loan #6931257005
Loan Size:
Jobs Retained:
327Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
Webster Bank National AssociationFaps, Inc in Newark, NJ received a Paycheck Protection Loan of $5.09M through Webster 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.
Read MoreUnderstanding 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 MoreBased 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, Faps, Inc's 2019 payroll expenses are estimated to be at least $24.43M.
Based on their reported 327 jobs retained, this equals an estimated average yearly compensation of $74,710 per employee1
Reported PPP Proceed Usage:
On the PPP application, Faps, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,089,645
Business Information - Faps, Inc in Newark, NJ
371 Craneway St
Newark, NJ 7114
Business Industry:
Automotive Body, Paint, and Interior Repair and Maintenance
NAICS code 811121
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
Similar Companies near Newark
In the Newark area, 21 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 36 employees (compared to this company's 327) and received an average PPP loan of $396,015 (compared to this company's $5.09M).
Similar Nearby Businesses Who Received PPP Funding:
GMT Maintenance Co Inc
Newark, NJ
GMT Maintenance Inc
Newark, NJ
Richmond Auto Body Co Inc
Newark, NJ
One Stop Auto Body LLC
Newark, NJ
Gibson Auto Works LLC
Newark, NJ
Hossain Brothers Inc
Newark, NJ
Ecua Henivad Body Shop And Fender LLC
Newark, NJ
Lusamer Auto Body Corp
Newark, NJ
Industry PPP Comparison Statistics
Nationwide, 41,319 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a total of $2.52B 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 6 employees, 98% lower than Faps, Inc's reported 327 employees, and received an average PPP loan of $61,008, 99% lower than this company's loan of $5.09M.
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.
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