PPP Loan Data — New Community Corporation, Newark, NJ
New Community Corporation is a non-profit organization located at 233 West Market St in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,470,170.00 in April, 2020.
$ PPP Loan Information
Lender:TD BANK, NATIONAL ASSOCIATION
New Community Corporation received a Paycheck Protection Loan of $2.47M through TD BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
Based on standard PPP eligibility rules, New Community Corporation's total 2019 payroll expenses were approximately $11.86M in order to qualify for the PPP loan amount received.
Based on their reported 335 jobs retained, this equals an estimated average yearly compensation of $35,393 per employee1.
Business Information - New Community Corporation in Newark, NJ
233 West Market St
Newark, NJ 7103
Other Individual and Family Services (NAICS code 624190)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NJ-10
Similar Companies near Newark
In the Newark area, 7 businesses in the "Other Individual and Family Services" industry received a PPP loan. These local businesses reported an average of 99 employees (compared to this company's 335) and received an average PPP loan of $622,524 (compared to this company's $2.47M).
Similar Nearby Businesses Who Received PPP Funding:
Young Men's Christian Association Of Newark & Vicinity Inc.
Newark Mentoring Movement
Habitat For Humanity Of Greater Newark,Inc
The Partnership For Maternal & Child Health Of Northern New
Hetrick Martin Institute New Jersey Inc
The Apostles House Inc
Industry PPP Comparison Statistics
Nationwide, 15,794 businesses in the "Other Individual and Family Services" industry received a total of $2,302,146,944.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 17 employees, 95% lower than New Community Corporation's reported 335 employees, and received an average PPP loan of $145,761, 94% lower than this company's loan of $2.47M.
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.
Footnotes & Information
1. 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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