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PPP Loan Data — GYM Source USA LLC, Teterboro, NJ

SBA PPP loan data, payroll data, and salaries for GYM Source USA LLC
NJ

GYM Source USA LLC

Entity: Limited Liability Company (LLC)

Industry: Sporting and Recreational Goods and Supplies Merchant Wholesalers

Location: Teterboro, NJ

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GYM Source USA LLC is a limited liability company (LLC) located at 100 Central Ave in Teterboro, New Jersey that received a Coronavirus-related PPP loan from the SBA of $3,201,942.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3.2M

Jobs Retained:

220

Loan Approved:

2020-04-27

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

GYM Source USA LLC in Teterboro, NJ received a Paycheck Protection Loan of $3.2M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, GYM Source USA LLC's total 2019 payroll expenses were approximately $15.37M in order to qualify for the PPP loan amount received.

Based on their reported 220 jobs retained, this equals an estimated average yearly compensation of $69,861 per employee1.

Because the loan received by GYM Source USA LLC 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 - GYM Source USA LLC in Teterboro, NJ

GYM Source USA LLC
100 Central Ave
Teterboro, NJ 07608

Business Industry

Sporting and Recreational Goods and Supplies Merchant Wholesalers (NAICS code 423910)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NJ-09

Industry PPP Comparison Statistics

Nationwide, 4,032 businesses in the "Sporting and Recreational Goods and Supplies Merchant Wholesalers" industry received a total of $485,114,064.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 11 employees, 95% lower than GYM Source USA LLC's reported 220 employees, and received an average PPP loan of $120,316, 96% lower than this company's loan of $3.2M.

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.

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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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/gym-source-usa-llc-teterboro-nj