PPP Loan Data — Lerner Legal Search LLC, Bridgewater, NJ
Lerner Legal Search LLC
Entity: Limited Liability Company (LLC)
Location: Bridgewater, NJTweet This • Search All PPP Data
Lerner Legal Search LLC is a limited liability company (LLC) located at 566 Morningside Dr in Bridgewater, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:TD Bank, National Association
Lerner Legal Search LLC in Bridgewater, NJ received a Paycheck Protection Loan of $25,000 through TD Bank, National Association, which was approved in April, 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 June, 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, Lerner Legal Search LLC'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, Lerner Legal Search LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Lerner Legal Search LLC in Bridgewater, NJ
566 Morningside Dr
Bridgewater, NJ 8807
Specialized Freight (except Used Goods) Trucking, Local
NAICS code 484220
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Bridgewater
In the Bridgewater area, 2 businesses in the "Specialized Freight (except Used Goods) Trucking, Local" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 2) and received an average PPP loan of $194,945 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Central Jersey Trucking & Rigging, Inc
Industry PPP Comparison Statistics
Nationwide, 30,684 businesses in the "Specialized Freight (except Used Goods) Trucking, Local" industry received a total of $2.03B 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 6 employees, 200% higher than Lerner Legal Search LLC's reported 2 employees, and received an average PPP loan of $66,149, 165% higher than this company's loan of $25,000.
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