PPP Loan Data — Kenworth Title LLC, Morristown, NJ
Kenworth Title LLC is a limited liability company (LLC) located at 5 A Franklin Pl in Morristown, New Jersey that received a Coronavirus-related PPP loan from the SBA of $46,600.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Loan Source Incorporated
Kenworth Title LLC in Morristown, NJ received a Paycheck Protection Loan of $46,600 through Loan Source Incorporated, which was approved in April, 2020.
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, Kenworth Title LLC's 2019 payroll expenses are estimated to be at least $223,680.
Based on their reported 5 jobs retained, this equals an estimated average yearly compensation of $44,736 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kenworth Title LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,600
Business Information - Kenworth Title LLC in Morristown, NJ
5 A Franklin Pl
Morristown, NJ 7960
Direct Title Insurance Carriers
NAICS code 524127
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 888 businesses in the "Direct Title Insurance Carriers" industry received a total of $102.03M 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 11 employees, 120% higher than Kenworth Title LLC's reported 5 employees, and received an average PPP loan of $114,901, 147% higher than this company's loan of $46,600.
FederalPay's PPP Information Policy
Footnotes & Information
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