PPP Loan Data — Jennings Equipment & Excavating Inc, Pennsgrove, NJ
Jennings Equipment & Excavating Inc is a corporation located at Po Box 421 in Pennsgrove, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Fulton Bank, National Association
Jennings Equipment & Excavating Inc in Pennsgrove, NJ received a Paycheck Protection Loan of $25,000 through Fulton Bank, National Association, 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.
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, Jennings Equipment & Excavating Inc's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $60,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Jennings Equipment & Excavating Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,750
- Utilities: $3,125
- Rent: $3,125
Business Information - Jennings Equipment & Excavating Inc in Pennsgrove, NJ
Po Box 421
Pennsgrove, NJ 8069
Other Building Finishing Contractors
NAICS code 238390
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Rural
Similar Companies near Pennsgrove
In the Pennsgrove area, 4 businesses in the "Other Building Finishing Contractors" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 2) and received an average PPP loan of $44,752 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Habitat For Humanity Of Salem County NJ
Carneys Point, NJ
The Master Carpenters Corporation
Penns Grove, NJ
Carneys Point, NJ
Industry PPP Comparison Statistics
Nationwide, 15,379 businesses in the "Other Building Finishing Contractors" industry received a total of $1.27B 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, 300% higher than Jennings Equipment & Excavating Inc's reported 2 employees, and received an average PPP loan of $82,449, 230% higher than this company's loan of $25,000.
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Footnotes & Information
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