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PPP Loan Data — Faps, Inc., Newark, NJ

SBA PPP loan data, payroll data, and salaries for Faps, Inc.
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 $5,089,645.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$5.09M

Jobs Retained:

327

Loan Approved:

2020-04-07

Lender:

WEBSTER BANK, NATIONAL ASSOCIATION

Faps, Inc. in Newark, NJ received a Paycheck Protection Loan of $5.09M through WEBSTER BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Faps, Inc.'s total 2019 payroll expenses were approximately $24.43M in order to qualify for the PPP loan amount received.

Based on their reported 327 jobs retained, this equals an estimated average yearly compensation of $74,710 per employee1.

Because the loan received by Faps, 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 - Faps, Inc. in Newark, NJ

Faps, Inc.
371 Craneway St
Newark, NJ 7114

Business Industry

Automotive Body, Paint, and Interior Repair and Maintenance (NAICS code 811121)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NJ-10

Similar Companies near Newark

In the Newark area, 11 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 34 employees (compared to this company's 327) and received an average PPP loan of $522,058 (compared to this company's $5.09M).

Industry PPP Comparison Statistics

Nationwide, 20,351 businesses in the "Automotive Body, Paint, and Interior Repair and Maintenance" industry received a total of $1,499,752,193.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

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 $73,694, 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, and is published unmodified, as provided by the SBA.

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Footnotes & Information

1. 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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/faps-inc-newark-nj