PPP Loan Data — Goodway Group, Inc, Jenkintown, PA

Goodway Group, Inc

Entity: Subchapter S Corporation

Industry: Advertising Agencies

Location: Jenkintown, PA

Goodway Group, Inc is a subchapter s corporation located at 261 York Rd., #930 in Jenkintown, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $7,038,500.00 in April, 2020.

$ PPP Loan Information
Loan #5742507102

Loan Size:

$7.04M

Jobs Retained:

339

Loan Approved:

2020-04-14

Loan Status:

Paid in Full or Forgiven

Lender:

PNC Bank, National Association

Goodway Group, Inc in Jenkintown, PA received a Paycheck Protection Loan of $7.04M through PNC 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 May, 2022.

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.

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.

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, Goodway Group, Inc's 2019 payroll expenses are estimated to be at least $33.78M.

Based on their reported 339 jobs retained, this equals an estimated average yearly compensation of $99,660 per employee¹

Reported PPP Proceed Usage:

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

Payroll: $7,038,500

Because the loan received by Goodway Group, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Goodway Group, Inc in Jenkintown, PA

Goodway Group, Inc
261 York Rd., #930
Jenkintown, PA 19046

Business Industry:
Advertising Agencies
NAICS code 541810

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

Montgomery County, PA — SBA Office 0303 — Congressional District: PA-04

Similar Companies near Jenkintown

In the Jenkintown area, 5 businesses in the "Advertising Agencies" industry received a PPP loan. These local businesses reported an average of 69 employees (compared to this company's 339) and received an average PPP loan of $1,417,572 (compared to this company's $7.04M).

Similar Nearby Businesses Who Received PPP Funding:

Specialty Advertising Inc
Jenkintown, PA

$8,360 PPP Loan

Bloom Digital Marketing Inc
Jenkintown, PA

$24,173 PPP Loan

Angelmark Associates Inc
Langhorne, PA

$6,130 PPP Loan

Benito Palmarini
Langhorne, PA

$10,696 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 23,757 businesses in the "Advertising Agencies" industry received a total of $2.38B 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, 98% lower than Goodway Group, Inc's reported 339 employees, and received an average PPP loan of $100,107, 99% lower than this company's loan of $7.04M.

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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