PPP Loan Data — Liberty Elevator Corporation, Paterson, NJ
Liberty Elevator Corporation
Industry: Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
Location: Paterson, NJTweet This • Search All PPP Data
Liberty Elevator Corporation is a corporation located at 63 East 24th St in Paterson, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,377,127.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 109 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Liberty Elevator Corporation in Paterson, NJ received a Paycheck Protection Loan of $2.38M through Columbia Bank, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 114. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Liberty Elevator Corporation's 2019 payroll expenses are estimated to be at least $11.41M (not accounting for salary amounts > $100k).
Because the 109 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Liberty Elevator Corporation reported intending to use the proceeds of their PPP loan for the following expenses:
- Utilities: $2,377,127
Business Information - Liberty Elevator Corporation in Paterson, NJ
63 East 24th St
Paterson, NJ 7514
Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance
NAICS code 811310
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Paterson
In the Paterson area, 2 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a PPP loan. These local businesses reported an average of 117 employees (compared to this company's 109) and received an average PPP loan of $1,901,736 (compared to this company's $2.38M).
Similar Nearby Businesses Who Received PPP Funding:
American Hose & Hydraulic Co, Inc
Industry PPP Comparison Statistics
Nationwide, 22,310 businesses in the "Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and Maintenance" industry received a total of $2.27B 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 9 employees, 92% lower than Liberty Elevator Corporation's reported 109 employees, and received an average PPP loan of $101,583, 96% lower than this company's loan of $2.38M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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