PPP Loan Data — GEM Ambulance LLC, Lakewood, NJ
GEM Ambulance LLC is a limited liability company (LLC) located at 1750 Cedar Bridge Ave in Lakewood, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,803,232.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:People's United Bank, National Association
GEM Ambulance LLC in Lakewood, NJ received a Paycheck Protection Loan of $1.8M through People's United Bank, National Association, which was approved in May, 2020.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, GEM Ambulance LLC's 2019 payroll expenses are estimated to be at least $8.66M.
Based on their reported 250 jobs retained, this equals an estimated average yearly compensation of $34,622 per employee1
Reported PPP Proceed Usage:
On the PPP application, GEM Ambulance LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,803,232
Business Information - GEM Ambulance LLC in Lakewood, NJ
1750 Cedar Bridge Ave
Lakewood, NJ 8701
NAICS code 621910
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Lakewood
In the Lakewood area, 2 businesses in the "Ambulance Services" industry received a PPP loan. These local businesses reported an average of 137 employees (compared to this company's 250) and received an average PPP loan of $959,551 (compared to this company's $1.8M).
Similar Nearby Businesses Who Received PPP Funding:
Hatzolah Medical Services, Inc
Industry PPP Comparison Statistics
Nationwide, 3,341 businesses in the "Ambulance Services" industry received a total of $860.13M 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 36 employees, 86% lower than GEM Ambulance LLC's reported 250 employees, and received an average PPP loan of $257,448, 86% lower than this company's loan of $1.8M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!