FederalPay.org
PPP Loan Data — Newark Novelty Co. Inc,
Newark, OH
Newark Novelty Co. Inc
Entity: Subchapter S Corporation
Industry: Other Direct Selling Establishments
Location: Newark, OH
Tweet This
•
Search All PPP Data
Newark Novelty Co. Inc is a subchapter s corporation located at 239 Forry St in Newark, Ohio that received a Coronavirus-related PPP loan from the SBA of $30,600.00 in January, 2021.
The company has reported itself as a male owned business, and employed at least four people during the applicable loan loan period.
$
PPP Loan Information
Loan #7946748308
Loan Size:
Jobs Retained:
4Loan Approved:
2021-01-28Loan Status:
Paid in Full or ForgivenLender:
North Valley BankNewark Novelty Co. Inc in Newark, OH received a Paycheck Protection Loan of $30,600 through North Valley Bank, which was approved in January, 2021.
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 October, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Newark Novelty Co. Inc's 2019 payroll expenses are estimated to be at least $146,880.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $36,720 per employee1
Reported PPP Proceed Usage:
On the PPP application, Newark Novelty Co. Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $30,598
- Utilities: $1
Business Information - Newark Novelty Co. Inc in Newark, OH
239 Forry St
Newark, OH 43055
Business Industry:
Other Direct Selling Establishments
NAICS code 454390
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: Y
HUBZone: Y
Rural / Urban: Rural
Similar Companies near Newark
In the Newark area, 18 businesses in the "Other Direct Selling Establishments" industry received a PPP loan. These local businesses reported an average of 29 employees (compared to this company's 4) and received an average PPP loan of $572,321 (compared to this company's $30,600).
Similar Nearby Businesses Who Received PPP Funding:
Robert Penn
New Albany, OH
Newark Novelty Company, Inc
Newark, OH
Ian Murphy
Newark, OH
Robert Rauch LLC
Newark, OH
Vicki P Gilbert LLC
New Albany, OH
Michael Rayden
New Albany, OH
Teresa Davis
New Albany, OH
Robert Broderick
New Albany, OH
Dustin Walker
Newark, OH
Industry PPP Comparison Statistics
Nationwide, 36,917 businesses in the "Other Direct Selling Establishments" industry received a total of $1.2B 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 3 employees, 25% lower than Newark Novelty Co. Inc's reported 4 employees, and received an average PPP loan of $32,523, 6% higher than this company's loan of $30,600.
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. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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.
Have FederalPay.org's open data tools been valuable? Consider donating!