PPP Loan Data — Gibbons PC, Newark, NJ
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.
$ PPP Loan Information
Lender:JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
Gibbons PC in Newark, NJ received a Paycheck Protection Loan of $6.67M through JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, Gibbons PC's total 2019 payroll expenses were approximately $32M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
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.
Business Information - Gibbons PC in Newark, NJ
One Gateway Center
Newark, NJ 07102
Offices of Lawyers (NAICS code 541110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NJ-10
Similar Companies near Newark
In the Newark area, 73 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 320) and received an average PPP loan of $362,863 (compared to this company's $6.67M).
Similar Nearby Businesses Who Received PPP Funding:
Robert J Degroot, ESQ
Rodriguez Law Firm LLC
Regis Fernandez ESQ
Sills Cummis & Gross PC
Law Office Of Dwight H Simon Day LLC
Cobos & Associates LLC
Law Office Of Husain A. Gatlin
Alan Berliner, ESQ
Industry PPP Comparison Statistics
Nationwide, 126,779 businesses in the "Offices of Lawyers" industry received a total of $11,918,471,350.00 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 $94,010, 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, and is published unmodified, as provided by the SBA.
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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