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PPP Loan Data — Gateway Security Inc, Newark, NJ

SBA PPP loan data, payroll data, and salaries for Gateway Security Inc
NJ

Gateway Security Inc

Entity: Subchapter S Corporation

Industry: Security Guards and Patrol Services

Location: Newark, NJ

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Gateway Security Inc is a subchapter s corporation located at 604 Market Street in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $4,483,845.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.48M

Jobs Retained:

487

Loan Approved:

2020-04-29

Lender:

MANUFACTURERS AND TRADERS TRUST COMPANY

Gateway Security Inc received a Paycheck Protection Loan of $4.48M through MANUFACTURERS AND TRADERS TRUST COMPANY, which was approved in April, 2020.

Based on standard PPP eligibility rules, Gateway Security Inc's total 2019 payroll expenses were approximately $21.52M in order to qualify for the PPP loan amount received.

Based on their reported 487 jobs retained, this equals an estimated average yearly compensation of $44,194 per employee1.

Because the loan received by Gateway Security 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 - Gateway Security Inc in Newark, NJ

Gateway Security Inc
604 Market Street
Newark, NJ 7105

Business Industry

Security Guards and Patrol Services (NAICS code 561612)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NJ-08

Similar Companies near Newark

In the Newark area, 4 businesses in the "Security Guards and Patrol Services" industry received a PPP loan. These local businesses reported an average of 165 employees (compared to this company's 487) and received an average PPP loan of $1,289,336 (compared to this company's $4.48M).

Industry PPP Comparison Statistics

Nationwide, 4,165 businesses in the "Security Guards and Patrol Services" industry received a total of $1,003,129,142.00 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 36 employees, 93% lower than Gateway Security Inc's reported 487 employees, and received an average PPP loan of $240,847, 95% lower than this company's loan of $4.48M.

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.

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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/gateway-security-inc-newark-nj