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PPP Loan Data — New Community Corporation, Newark, NJ

SBA PPP loan data, payroll data, and salaries for New Community Corporation
NJ Nonprofit Organization

New Community Corporation

Entity: Non-profit Organization

Industry: Other Individual and Family Services

Location: Newark, NJ

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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

Loan Size:

$2.47M

Jobs Retained:

335

Loan Approved:

2020-04-12

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.

Because the loan received by New Community Corporation is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - New Community Corporation in Newark, NJ

New Community Corporation
233 West Market St
Newark, NJ 7103

Business Industry

Other Individual and Family Services (NAICS code 624190)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional 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).

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/new-community-corporation-newark-nj