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PPP Loan Data — Gershow Recycling Corp,
Medford, NY
Gershow Recycling Corp
Entity: Corporation
Industry: All Other Metal Ore Mining
Location: Medford, NY
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Gershow Recycling Corp is a corporation located at 71 Peconic Ave in Medford, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #1520508508
Loan Size:
Jobs Retained:
225Loan Approved:
2021-02-19Loan Status:
Active Un-DisbursedLender:
Dime Community BankGershow Recycling Corp in Medford, NY received a Paycheck Protection Loan of $2M through Dime Community Bank, which was approved in February, 2021.
While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $2M in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in February, 2021.
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, Gershow Recycling Corp's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 225 jobs retained, this equals an estimated average yearly compensation of $42,667 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gershow Recycling Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,998
- Utilities: $1
Business Information - Gershow Recycling Corp in Medford, NY
71 Peconic Ave
Medford, NY 11763
Business Industry:
All Other Metal Ore Mining
NAICS code 212299
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
Industry PPP Comparison Statistics
Nationwide, 249 businesses in the "All Other Metal Ore Mining" industry received a total of $22.14M 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, 97% lower than Gershow Recycling Corp's reported 225 employees, and received an average PPP loan of $88,933, 96% lower than this company's loan of $2M.
Gershow Recycling Corp
Entity: Corporation
Industry: Solid Waste Collection
Location: Medford, NY
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Gershow Recycling Corp is a corporation located at 71 Peconic Avenue in Medford, New York that received a Coronavirus-related PPP loan from the SBA of $3,401,000.00 in April, 2020.
$
PPP Loan Information
Loan #6463677000
Loan Size:
Jobs Retained:
232Loan Approved:
2020-04-07Loan Status:
Ongoing LoanLender:
Dime Community BankGershow Recycling Corp in Medford, NY received a Paycheck Protection Loan of $3.4M through Dime Community 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, Gershow Recycling Corp's 2019 payroll expenses are estimated to be at least $16.32M.
Based on their reported 232 jobs retained, this equals an estimated average yearly compensation of $70,366 per employee1
Reported PPP Proceed Usage:
On the PPP application, Gershow Recycling Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,401,000
Business Information - Gershow Recycling Corp in Medford, NY
71 Peconic Avenue
Medford, NY 11763
Business Industry:
Solid Waste Collection
NAICS code 562111
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
Industry PPP Comparison Statistics
Nationwide, 6,249 businesses in the "Solid Waste Collection" industry received a total of $714.05M 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 11 employees, 95% lower than Gershow Recycling Corp's reported 232 employees, and received an average PPP loan of $114,267, 97% lower than this company's loan of $3.4M.
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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