PPP Loan Data — Franco Manufacturing Co Inc, Metuchen, NJ
Franco Manufacturing Co Inc is a corporation located at 555 Prospect St in Metuchen, New Jersey that received a Coronavirus-related PPP loan from the SBA of $3,061,232.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 252 people during the applicable loan loan period.
$ PPP Loan Information
Lender:BANK OF AMERICA, NATIONAL ASSOCIATION
Franco Manufacturing Co Inc in Metuchen, NJ received a Paycheck Protection Loan of $3.06M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Franco Manufacturing Co Inc's total 2019 payroll expenses were approximately $14.69M in order to qualify for the PPP loan amount received.
Based on their reported 252 jobs retained, this equals an estimated average yearly compensation of $58,309 per employee1.
Business Information - Franco Manufacturing Co Inc in Metuchen, NJ
555 Prospect St
Metuchen, NJ 8840
Home Furnishing Merchant Wholesalers (NAICS code 423220)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: UnreportedCongressional District: NJ-06
Similar Companies near Metuchen
In the Metuchen area, 2 businesses in the "Home Furnishing Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 128 employees (compared to this company's 252) and received an average PPP loan of $1,556,874 (compared to this company's $3.06M).
Similar Nearby Businesses Who Received PPP Funding:
JP Glassware Inc.
Industry PPP Comparison Statistics
Nationwide, 3,013 businesses in the "Home Furnishing Merchant Wholesalers" industry received a total of $467,430,448.00 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 12 employees, 95% lower than Franco Manufacturing Co Inc's reported 252 employees, and received an average PPP loan of $155,138, 95% lower than this company's loan of $3.06M.
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.
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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