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PPP Loan Data — Newark Community Health Centers Inc, Newark, NJ

SBA PPP loan data, payroll data, and salaries for Newark Community Health Centers Inc
NJ

Newark Community Health Centers Inc

Entity: Corporation

Industry: All Other Business Support Services

Location: Newark, NJ

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Newark Community Health Centers Inc is a corporation located at 741 Broadway in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,541,895.00 in May, 2020.

$ PPP Loan Information

Loan Size:

$2.54M

Jobs Retained:

282

Loan Approved:

2020-05-08

Lender:

BANK OF AMERICA, NATIONAL ASSOCIATION

Newark Community Health Centers Inc in Newark, NJ received a Paycheck Protection Loan of $2.54M through BANK OF AMERICA, NATIONAL ASSOCIATION, which was approved in May, 2020.

Based on standard PPP eligibility rules, Newark Community Health Centers Inc's total 2019 payroll expenses were approximately $12.2M in order to qualify for the PPP loan amount received.

Based on their reported 282 jobs retained, this equals an estimated average yearly compensation of $43,266 per employee1.

Because the loan received by Newark Community Health Centers Inc 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 - Newark Community Health Centers Inc in Newark, NJ

Newark Community Health Centers Inc
741 Broadway
Newark, NJ 07104

Business Industry

All Other Business Support Services (NAICS code 561499)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NJ-08

Similar Companies near Newark

In the Newark area, 4 businesses in the "All Other Business Support Services" industry received a PPP loan. These local businesses reported an average of 75 employees (compared to this company's 282) and received an average PPP loan of $674,811 (compared to this company's $2.54M).

Industry PPP Comparison Statistics

Nationwide, 28,906 businesses in the "All Other Business Support Services" industry received a total of $1,963,852,672.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 5 employees, 98% lower than Newark Community Health Centers Inc's reported 282 employees, and received an average PPP loan of $67,939, 97% lower than this company's loan of $2.54M.

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, 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/newark-community-health-centers-inc-newark-nj