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PPP Loan Data — Garden State Cardiovascular Specialist,
Elizabeth, NJ
Garden State Cardiovascular Specialist
Entity: Corporation
Industry: Offices of Physicians (except Mental Health Specialists)
Location: Elizabeth, NJ
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Garden State Cardiovascular Specialist is a corporation located at 1150 Dickinson St in Elizabeth, New Jersey that received a Coronavirus-related PPP loan from the SBA of $830,615.00 in January, 2021.
The company has reported itself as an Asian male owned business, and employed at least 68 people during the applicable loan loan period.
$
PPP Loan Information
Loan #6028908304
Loan Size:
Jobs Retained:
68Loan Approved:
2021-01-26Loan Status:
Ongoing LoanLender:
Provident BankGarden State Cardiovascular Specialist in Elizabeth, NJ received a Paycheck Protection Loan of $830,615 through Provident Bank, which was approved in January, 2021.
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 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, Garden State Cardiovascular Specialist's 2019 payroll expenses are estimated to be at least $3.99M.
Based on their reported 68 jobs retained, this equals an estimated average yearly compensation of $58,632 per employee1
Reported PPP Proceed Usage:
On the PPP application, Garden State Cardiovascular Specialist reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $830,614
- Utilities: $1
Business Information - Garden State Cardiovascular Specialist in Elizabeth, NJ
1150 Dickinson St
Elizabeth, NJ 7201
Business Industry:
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Race: Asian
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Similar Companies near Elizabeth
In the Elizabeth area, 39 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 68) and received an average PPP loan of $119,109 (compared to this company's $830,615).
Similar Nearby Businesses Who Received PPP Funding:
Karim J. Khimani, MD
Elizabeth, NJ
Adam J Rowen, MD
Elizabeth, NJ
Fairfield Neurology LLC
Elizabeth, NJ
Linden Pediatric Group PA
Elizabeth, NJ
Klein & Scannapiego MD PA
Elizabeth, NJ
Edgardo Vallejo Inc
Elizabeth, NJ
Preferred Women Health Care LLC
Elizabeth, NJ
Elizabeth Primary Care LLC
Elizabeth, NJ
Industry PPP Comparison Statistics
Nationwide, 176,427 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.05B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 3% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 84% lower than Garden State Cardiovascular Specialist's reported 68 employees, and received an average PPP loan of $119,313, 86% lower than this company's loan of $830,615.
Garden State Cardiovascular Specialist
Entity: Corporation
Industry: Offices of Physicians (except Mental Health Specialists)
Location: Elizabeth, NJ
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Garden State Cardiovascular Specialist is a corporation located at 240 Williamson St in Elizabeth, New Jersey that received a Coronavirus-related PPP loan from the SBA of $820,129.00 in April, 2020.
The company has reported itself as an Asian male owned business, and employed at least 63 people during the applicable loan loan period.
$
PPP Loan Information
Loan #7100197102
Loan Size:
Jobs Retained:
63Loan Approved:
2020-04-14Loan Status:
Ongoing LoanLender:
Provident BankGarden State Cardiovascular Specialist in Elizabeth, NJ received a Paycheck Protection Loan of $820,129 through Provident Bank, 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 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, Garden State Cardiovascular Specialist's 2019 payroll expenses are estimated to be at least $3.94M.
Based on their reported 63 jobs retained, this equals an estimated average yearly compensation of $62,486 per employee1
Reported PPP Proceed Usage:
On the PPP application, Garden State Cardiovascular Specialist reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $820,129
Business Information - Garden State Cardiovascular Specialist in Elizabeth, NJ
240 Williamson St
Elizabeth, NJ 7202
Business Industry:
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Race: Asian
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Urban
Businesses Using Same Address:
There are 6 other businesses that received a PPP loan registered to the same address as Garden State Cardiovascular Specialist.
Central Jersey Healthcare PC
Offices of Physicians (except Mental Health Specialists)
Marycholankeril
All Other Personal Services
RAJ Prashant Raval LLC
Offices of Physicians (except Mental Health Specialists)
Karim J. Khimani, MD
Offices of Physicians (except Mental Health Specialists)
Alberto Lopez-Silvero MD, LLC
Offices of Physicians (except Mental Health Specialists)
Preferred Women Health Care LLC
Offices of Physicians (except Mental Health Specialists)
Similar Companies near Elizabeth
In the Elizabeth area, 44 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 63) and received an average PPP loan of $111,919 (compared to this company's $820,129).
Similar Nearby Businesses Who Received PPP Funding:
Scott Wellington, Inc
Elizabeth, NJ
Ariel Quinones
Elizabeth, NJ
Linden Pediatric Group PA
Elizabeth, NJ
Joseph C Lin, MD. PA
Elizabeth, NJ
Brice Medical Center Inc
Elizabeth, NJ
Premiere Nephrology And Hypertension, LLC
Elizabeth, NJ
Central Jersey Healthcare PC
Elizabeth, NJ
Spine And Pain Specialty Care LLC
Elizabeth, NJ
Yanira Aguirre
Elizabeth, NJ
Industry PPP Comparison Statistics
Nationwide, 176,427 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.05B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 3% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 83% lower than Garden State Cardiovascular Specialist's reported 63 employees, and received an average PPP loan of $119,313, 85% lower than this company's loan of $820,129.
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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