PPP Loan Data — Hoffman International, Inc., Piscataway, NJ
Hoffman International, Inc.
Entity: Subchapter S Corporation
Location: Piscataway, NJTweet This • Search All PPP Data
Hoffman International, Inc. is a subchapter s corporation located at 300 S Randolphville Rd in Piscataway, New Jersey that received a Coronavirus-related PPP loan from the SBA of $3,176,300.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 135 people during the applicable loan loan period.
$ PPP Loan Information
Lender:PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION
Hoffman International, Inc. received a Paycheck Protection Loan of $3.18M through PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 135 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 152.
Based on standard PPP eligibility rules, Hoffman International, Inc.'s total 2019 payroll expenses were approximately $15.25M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 135 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Hoffman International, Inc. in Piscataway, NJ
300 S Randolphville Rd
Piscataway, NJ 8854
Industrial Machinery and Equipment Merchant Wholesalers (NAICS code 423830)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional District: NJ-06
Similar Companies near Piscataway
In the Piscataway area, 2 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a PPP loan. These local businesses reported an average of 69 employees (compared to this company's 135) and received an average PPP loan of $1,615,750 (compared to this company's $3.18M).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 7,320 businesses in the "Industrial Machinery and Equipment Merchant Wholesalers" industry received a total of $1,713,685,837.00 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 15 employees, 89% lower than Hoffman International, Inc.'s reported 135 employees, and received an average PPP loan of $234,110, 93% lower than this company's loan of $3.18M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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