PPP Loan Data — Law Office Of John Mcgovern, Newark, NJ
Law Office Of John Mcgovern is a limited liability company (LLC) located at 116 Washington Street, Ste 2c in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $6,247.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Valley National Bank
Law Office Of John Mcgovern in Newark, NJ received a Paycheck Protection Loan of $6,247 through Valley National Bank, 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
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 More
Understanding 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 More
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, Law Office Of John Mcgovern's 2019 payroll expenses are estimated to be at least $29,986.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $14,993 per employee1
Reported PPP Proceed Usage:
On the PPP application, Law Office Of John Mcgovern reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $6,247
Business Information - Law Office Of John Mcgovern in Newark, NJ
116 Washington Street, Ste 2c
Newark, NJ 7102
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Newark
In the Newark area, 112 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 2) and received an average PPP loan of $284,474 (compared to this company's $6,247).
Similar Nearby Businesses Who Received PPP Funding:
Fishkin Lucks LLP
Lite Depalma Greenberg LLC
Law Office Of Raymond P D Uva
Oliver C Minott PC
The Dwyer Law Firm LLC
The Anthony Pope Law Firm PC
Freeman & Bass
Industry PPP Comparison Statistics
Nationwide, 198,302 businesses in the "Offices of Lawyers" industry received a total of $16.3B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 200% higher than Law Office Of John Mcgovern's reported 2 employees, and received an average PPP loan of $82,210, 1216% higher than this company's loan of $6,247.
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.
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