PPP Loan Data — Mike Fitzpatrick Contractors, Oak Ridge, NJ
Mike Fitzpatrick Contractors is a corporation located at 18 Cozy Lake Road in Oak Ridge, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,721,022.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Mike Fitzpatrick Contractors in Oak Ridge, NJ received a Paycheck Protection Loan of $1.72M through Lakeland Bank, 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 March, 2021.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 64 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 83. 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, Mike Fitzpatrick Contractors' 2019 payroll expenses are estimated to be at least $8.26M (not accounting for salary amounts > $100k).
Because the 64 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, Mike Fitzpatrick Contractors reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,721,022
Business Information - Mike Fitzpatrick Contractors in Oak Ridge, NJ
18 Cozy Lake Road
Oak Ridge, NJ 7438
General Freight Trucking, Local
NAICS code 484110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Oak Ridge
In the Oak Ridge area, 5 businesses in the "General Freight Trucking, Local" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 64) and received an average PPP loan of $359,219 (compared to this company's $1.72M).
Similar Nearby Businesses Who Received PPP Funding:
Oak Ridge, NJ
Oak Ridge, NJ
Oak Ridge, NJ
Industry PPP Comparison Statistics
Nationwide, 175,867 businesses in the "General Freight Trucking, Local" industry received a total of $6.6B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 4 employees, 94% lower than Mike Fitzpatrick Contractors' reported 64 employees, and received an average PPP loan of $37,520, 98% lower than this company's loan of $1.72M.
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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