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PPP Loan Data — Interstate Drywall Corp,
Lyndhurst, NJ
Interstate Drywall Corp
Entity: Corporation
Industry: Drywall and Insulation Contractors
Location: Lyndhurst, NJ
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Interstate Drywall Corp is a corporation located at 125 Chubb Ave Ste 200 S in Lyndhurst, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
The company has reported itself as a male owned business, and employed at least 246 people during the applicable loan loan period.
$
PPP Loan Information
Loan #2533108510
Loan Size:
Jobs Retained:
246Loan Approved:
2021-02-20Loan Status:
Ongoing LoanLender:
New York Business Development CorporationInterstate Drywall Corp in Lyndhurst, NJ received a Paycheck Protection Loan of $2M through New York Business Development Corporation, 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, Interstate Drywall Corp's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 246 jobs retained, this equals an estimated average yearly compensation of $39,024 per employee1
Reported PPP Proceed Usage:
On the PPP application, Interstate Drywall Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Interstate Drywall Corp in Lyndhurst, NJ
125 Chubb Ave Ste 200 S
Lyndhurst, NJ 7071
Business Industry:
Drywall and Insulation Contractors
NAICS code 238310
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Lyndhurst
In the Lyndhurst area, 2 businesses in the "Drywall and Insulation Contractors" industry received a PPP loan. These local businesses reported an average of 124 employees (compared to this company's 246) and received an average PPP loan of $1,002,425 (compared to this company's $2M).
Similar Nearby Businesses Who Received PPP Funding:
Marcos Colon Carpentry LLC
Rutherford, NJ
Industry PPP Comparison Statistics
Nationwide, 14,786 businesses in the "Drywall and Insulation Contractors" industry received a total of $2.32B 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 14 employees, 94% lower than Interstate Drywall Corp's reported 246 employees, and received an average PPP loan of $156,744, 92% lower than this company's loan of $2M.
Interstate Drywall Corp
Entity: Corporation
Industry: Commercial and Institutional Building Construction
Location: Lyndhurst, NJ
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Interstate Drywall Corp is a corporation located at 125 Chubb Avenue, Suite 200 S in Lyndhurst, New Jersey that received a Coronavirus-related PPP loan from the SBA of $5,985,725.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 246 people during the applicable loan loan period.
$
PPP Loan Information
Loan #2378907201
Loan Size:
Jobs Retained:
246Loan Approved:
2020-04-16Loan Status:
Ongoing LoanLender:
Loan Source IncorporatedInterstate Drywall Corp in Lyndhurst, NJ received a Paycheck Protection Loan of $5.99M through Loan Source Incorporated, which was approved in April, 2020.
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.
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 246 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 287. 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, Interstate Drywall Corp's 2019 payroll expenses are estimated to be at least $28.73M (not accounting for salary amounts > $100k).
Because the 246 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, Interstate Drywall Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,985,725
Business Information - Interstate Drywall Corp in Lyndhurst, NJ
125 Chubb Avenue, Suite 200 S
Lyndhurst, NJ 7071
Business Industry:
Commercial and Institutional Building Construction
NAICS code 236220
Business Owner Demographics
Race: Unreported
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Lyndhurst
In the Lyndhurst area, 16 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 42 employees (compared to this company's 246) and received an average PPP loan of $812,944 (compared to this company's $5.99M).
Similar Nearby Businesses Who Received PPP Funding:
RML Construction Inc
Carlstadt, NJ
Tabb Contracting Inc
Rutherford, NJ
Pinnacle Construction Management & Consulting Inc
Lyndhurst, NJ
Metro R Services Inc
Carlstadt, NJ
HRP Construction LLC
Lyndhurst, NJ
Liberty Installation Services
Carlstadt, NJ
J Severino Construction LLC
Rutherford, NJ
Industrial Construction Of NJ Inc
Lyndhurst, NJ
Cicero Group LLC
Rutherford, NJ
Industry PPP Comparison Statistics
Nationwide, 65,446 businesses in the "Commercial and Institutional Building Construction" industry received a total of $11.96B 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 14 employees, 94% lower than Interstate Drywall Corp's reported 246 employees, and received an average PPP loan of $182,738, 97% lower than this company's loan of $5.99M.
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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