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PPP Loan Data — Hudson Meridian Construction Group LLC,
New York, NY
Hudson Meridian Construction Group LLC
Entity: Corporation
Industry: New Multifamily Housing Construction (except For-Sale Builders)
Location: New York, NY
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Hudson Meridian Construction Group LLC is a corporation located at 61 Broadway Rm 710 in New York, New York that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #8914668406
Loan Size:
Jobs Retained:
121Loan Approved:
2021-02-14Loan Status:
Ongoing LoanLender:
BankUnited, National AssociationHudson Meridian Construction Group LLC in New York, NY received a Paycheck Protection Loan of $2M through BankUnited, National Association, which was approved in February, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
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, Hudson Meridian Construction Group LLC's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 121 jobs retained, this equals an estimated average yearly compensation of $79,339 per employee1
Reported PPP Proceed Usage:
On the PPP application, Hudson Meridian Construction Group LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Hudson Meridian Construction Group LLC in New York, NY
61 Broadway Rm 710
New York, NY 10006
Business Industry:
New Multifamily Housing Construction (except For-Sale Builders)
NAICS code 236116
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
Similar Companies near New York
In the New York area, 2 businesses in the "New Multifamily Housing Construction (except For-Sale Builders)" industry received a PPP loan. These local businesses reported an average of 64 employees (compared to this company's 121) and received an average PPP loan of $1,036,300 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Gregg NY Plumbing Inc
New York, NY
Industry PPP Comparison Statistics
Nationwide, 12,935 businesses in the "New Multifamily Housing Construction (except For-Sale Builders)" industry received a total of $1.1B 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 8 employees, 93% lower than Hudson Meridian Construction Group LLC's reported 121 employees, and received an average PPP loan of $84,829, 96% lower than this company's loan of $2M.
Hudson Meridian Construction Group LLC
Entity: Corporation
Industry: Commercial and Institutional Building Construction
Location: New York, NY
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Hudson Meridian Construction Group LLC is a corporation located at 61 Broadway in New York, New York that received a Coronavirus-related PPP loan from the SBA of $3,661,300.00 in April, 2020.
$
PPP Loan Information
Loan #5381467107
Loan Size:
Jobs Retained:
117Loan Approved:
2020-04-13Loan Status:
Paid in Full or ForgivenLender:
BankUnited, National AssociationHudson Meridian Construction Group LLC in New York, NY received a Paycheck Protection Loan of $3.66M through BankUnited, 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 October, 2021.
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 117 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.The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 176. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Hudson Meridian Construction Group LLC's 2019 payroll expenses are estimated to be at least $17.57M (not accounting for salary amounts > $100k).
Because the 117 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Hudson Meridian Construction Group LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $3,661,300
Business Information - Hudson Meridian Construction Group LLC in New York, NY
61 Broadway
New York, NY 10006
Business Industry:
Commercial and Institutional Building Construction
NAICS code 236220
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: New Business or 2 years or less
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Businesses Using Same Address:
There are 5 other businesses that received a PPP loan registered to the same address as Hudson Meridian Construction Group LLC.
Vickers Stock Research Corp
Periodical Publishers
Vincenti & Vincenti, PC
Offices of Lawyers
Ramirez Asset Management
All Other Miscellaneous Crop Farming
Argus Research Group
Marketing Research and Public Opinion Polling
Alfred Club, Inc
Food Service Contractors
Similar Companies near New York
In the New York area, 24 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 27 employees (compared to this company's 117) and received an average PPP loan of $656,839 (compared to this company's $3.66M).
Similar Nearby Businesses Who Received PPP Funding:
Blueberry Builders
New York, NY
Builders Group Construction Corp
New York, NY
Ocean Pacific Interiors Inc
New York, NY
Big Sky Construction Co. Inc
New York, NY
LTI Construction Corp
New York, NY
Plant Construction LLC
New York, NY
Integrated Project Delivery Partners Inc
New York, NY
Sciame Construction LLC
New York, NY
Industry PPP Comparison Statistics
Nationwide, 77,396 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.37B 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 12 employees, 90% lower than Hudson Meridian Construction Group LLC's reported 117 employees, and received an average PPP loan of $159,889, 96% lower than this company's loan of $3.66M.
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.
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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