PPP Loan Data — Liberty Moving & Storage Inc., Co, Commack, NY
Liberty Moving & Storage Inc., Co is a subchapter s corporation located at 350 Moreland Road in Commack, New York that received a Coronavirus-related PPP loan from the SBA of $1,641,895.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Manufacturers and Traders Trust Company
Liberty Moving & Storage Inc., Co in Commack, NY received a Paycheck Protection Loan of $1.64M through Manufacturers and Traders Trust Company, 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, Liberty Moving & Storage Inc., Co's 2019 payroll expenses are estimated to be at least $7.88M.
Based on their reported 114 jobs retained, this equals an estimated average yearly compensation of $69,132 per employee1
Reported PPP Proceed Usage:
On the PPP application, Liberty Moving & Storage Inc., Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,351,294
- Utilities: $14,000
- Mortgage Interest: $30,000
- Rent: $150,000
- Health Care: $79,601
- Debt Interest: $17,000
Business Information - Liberty Moving & Storage Inc., Co in Commack, NY
350 Moreland Road
Commack, NY 11725
Used Household and Office Goods Moving
NAICS code 484210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Commack
In the Commack area, 5 businesses in the "Used Household and Office Goods Moving" industry received a PPP loan. These local businesses reported an average of 55 employees (compared to this company's 114) and received an average PPP loan of $746,940 (compared to this company's $1.64M).
Similar Nearby Businesses Who Received PPP Funding:
Original Hall Lane Moving & Storage
Liberty Moving & Storage
FDS Services Inc
Industry PPP Comparison Statistics
Nationwide, 11,089 businesses in the "Used Household and Office Goods Moving" industry received a total of $902.36M 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 10 employees, 91% lower than Liberty Moving & Storage Inc., Co's reported 114 employees, and received an average PPP loan of $81,374, 95% lower than this company's loan of $1.64M.
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Footnotes & Information
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