PPP Loan Data — IP Innovations LLC, Bayonne, NJ
IP Innovations LLC is a limited liability company (LLC) located at 17 E 14th St in Bayonne, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
IP Innovations LLC in Bayonne, NJ received a Paycheck Protection Loan of $25,000 through Bank of America, National Association, which was approved in May, 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 April, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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, IP Innovations LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $24,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, IP Innovations LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - IP Innovations LLC in Bayonne, NJ
17 E 14th St
Bayonne, NJ 7002
Offices of Real Estate Agents and Brokers
NAICS code 531210
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Bayonne
In the Bayonne area, 64 businesses in the "Offices of Real Estate Agents and Brokers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 5) and received an average PPP loan of $21,242 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
MLG Residential Enterprise
NK International Inc
Thomas L Senger Jr
Park & Sixth Realty LLC DBA Dunkin Donuts
Industry PPP Comparison Statistics
Nationwide, 255,794 businesses in the "Offices of Real Estate Agents and Brokers" industry received a total of $5.75B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 60% lower than IP Innovations LLC's reported 5 employees, and received an average PPP loan of $22,469, 10% lower than this company's loan of $25,000.
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Footnotes & Information
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