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PPP Loan Data — Gibbons PC,
Newark, NJ
Gibbons PC
Entity: Corporation
Industry: Offices of Lawyers
Location: Newark, NJ
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Gibbons PC is a corporation located at One Gateway Center in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $6,666,667.00 in April, 2020.
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PPP Loan Information
Loan #1838877104
Loan Size:
Jobs Retained:
320Loan Approved:
2020-04-10Loan Status:
Paid in Full or ForgivenLender:
JPMorgan Chase Bank, National AssociationGibbons PC in Newark, NJ received a Paycheck Protection Loan of $6.67M through JPMorgan Chase Bank, National Association, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in July, 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, Gibbons PC's 2019 payroll expenses are estimated to be at least $32M (not accounting for salary amounts > $100k).
Based on their reported 320 jobs retained, this equals an estimated average yearly compensation of $100,000 (not accounting for salary amounts > $100k) per employee1
Reported PPP Proceed Usage:
On the PPP application, Gibbons PC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,000,000
- Utilities: $10,000
- Rent: $1,200,000
- Health Care: $456,667
Business Information - Gibbons PC in Newark, NJ
One Gateway Center
Newark, NJ 7102
Business Industry:
Offices of Lawyers
NAICS code 541110
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: Y
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 7 other businesses that received a PPP loan registered to the same address as Gibbons PC.
Gateway Center News Inc
Confectionery and Nut Stores
Franklin Ogele Attorney At Law
Legal Counsel and Prosecution
LBJ Flooring LLC-Sba Small 7A Term
Floor Covering Stores
Rhenus Freight Logistics Ewr LLC
General Freight Trucking, Local
Veriklick
All Other Professional, Scientific, and Technical Services
Greenberg Dauber Epstein & Tucker
Offices of Lawyers
Landman Corsi Ballaine & Ford PC
Offices of Lawyers
Similar Companies near Newark
In the Newark area, 111 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 320) and received an average PPP loan of $286,841 (compared to this company's $6.67M).
Similar Nearby Businesses Who Received PPP Funding:
The Anthony Pope Law Firm
Newark, NJ
Landman Corsi Ballaine & Ford PC
Newark, NJ
Freeman & Bass
Newark, NJ
Friedman Friedman PA
Newark, NJ
Audwin Levasseur
Newark, NJ
Melvin Jacobs
Newark, NJ
Howard Waxman
Newark, NJ
Jasinski, PC
Newark, NJ
Baldassare & Mara LLC
Newark, NJ
Industry PPP Comparison Statistics
Nationwide, 200,507 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 98% lower than Gibbons PC's reported 320 employees, and received an average PPP loan of $81,669, 99% lower than this company's loan of $6.67M.
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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