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PPP Loan Data — George Church, Inc, Fanwood, NJ

SBA PPP loan data, payroll data, and salaries for George Church, Inc
NJ

George Church, Inc

Entity: Subchapter S Corporation

Industry: Automobile and Other Motor Vehicle Merchant Wholesalers

Location: Fanwood, NJ

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George Church, Inc is a subchapter s corporation located at 183 South Ave in Fanwood, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,042.00 in May, 2020.

$ PPP Loan Information
Loan #8498107700

Loan Size:

$25,042

Jobs Retained:

3

Loan Approved:

2020-05-01

Loan Status:

Ongoing Loan

Lender:

Cross River Bank

George Church, Inc in Fanwood, NJ received a Paycheck Protection Loan of $25,042 through Cross River Bank, which was approved in May, 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 More
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.

Read More

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, George Church, Inc's 2019 payroll expenses are estimated to be at least $120,202.

Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,067 per employee1

Reported PPP Proceed Usage:

On the PPP application, George Church, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $25,042

Business Information - George Church, Inc in Fanwood, NJ

George Church, Inc
183 South Ave
Fanwood, NJ 7023

Business Industry:
Automobile and Other Motor Vehicle Merchant Wholesalers
NAICS code 423110

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-12

Similar Companies near Fanwood

In the Fanwood area, 2 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 3) and received an average PPP loan of $15,646 (compared to this company's $25,042).

Similar Nearby Businesses Who Received PPP Funding:

SK Motors Inc
Fort Lee, NJ

$6,250 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 10,057 businesses in the "Automobile and Other Motor Vehicle Merchant Wholesalers" industry received a total of $989.93M 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 9 employees, 200% higher than George Church, Inc's reported 3 employees, and received an average PPP loan of $98,432, 293% higher than this company's loan of $25,042.

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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Source: www.federalpay.org/paycheck-protection-program/george-church-inc-fanwood-nj