PPP Loan Data — Full Steam Staffing NJ LLC, Berkeley Heights, NJ

Full Steam Staffing NJ LLC

Entity: Limited Liability Company (LLC)

Industry: Human Resources Consulting Services

Location: Berkeley Heights, NJ

Full Steam Staffing NJ LLC is a limited liability company (LLC) located at 226 Timber Drive in Berkeley Heights, New Jersey that received a Coronavirus-related PPP loan from the SBA of $7,658,790.00 in May, 2020.

$ PPP Loan Information
Loan #1444457409

Loan Size:

$7.66M

Jobs Retained:

500

Loan Approved:

2020-05-04

Loan Status:

Paid in Full or Forgiven

Lender:

Loan Source Incorporated

Full Steam Staffing NJ LLC in Berkeley Heights, NJ received a Paycheck Protection Loan of $7.66M through Loan Source Incorporated, which was approved in May, 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 February, 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.

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, Full Steam Staffing NJ LLC's 2019 payroll expenses are estimated to be at least $36.76M.

Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $73,524 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Full Steam Staffing NJ LLC reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $7,658,790

Because the loan received by Full Steam Staffing NJ 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 - Full Steam Staffing NJ LLC in Berkeley Heights, NJ

Full Steam Staffing NJ LLC
226 Timber Drive
Berkeley Heights, NJ 7922

Business Industry:
Human Resources Consulting Services
NAICS code 541612

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

Union County, NJ — SBA Office 0299 — Congressional District: NJ-07

Similar Companies near Berkeley Heights

In the Berkeley Heights area, 2 businesses in the "Human Resources Consulting Services" industry received a PPP loan. These local businesses reported an average of 255 employees (compared to this company's 500) and received an average PPP loan of $3,890,685 (compared to this company's $7.66M).

Similar Nearby Businesses Who Received PPP Funding:

Nura USA LLC
Berkeley Heights, NJ

$122,580 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 10,208 businesses in the "Human Resources Consulting Services" industry received a total of $833.87M 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 7 employees, 99% lower than Full Steam Staffing NJ LLC's reported 500 employees, and received an average PPP loan of $81,688, 99% lower than this company's loan of $7.66M.

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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