PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA

PPP Loan Data — NJ Edge.net Inc, Newark, NJ

ALERT: There are 2 PPP loans for a total of $1.16M in our database for businesses with the name "NJ Edge.net Inc" in Newark, NJ. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for NJ Edge.net Inc
NJ Nonprofit Organization

NJ Edge.net Inc

Entity: 501(c)3 – Non Profit

Industry: Educational Support Services

Location: Newark, NJ

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NJ Edge.net Inc is a 501(c)3 – non profit located at 625 Broad St Ste 260 in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $583,045.00 in May, 2021.

$ PPP Loan Information
Loan #3581259003

Loan Size:

$583,045

Jobs Retained:

31

Loan Approved:

2021-05-18

Loan Status:

Paid in Full or Forgiven

Lender:

JPMorgan Chase Bank, National Association

NJ Edge.net Inc in Newark, NJ received a Paycheck Protection Loan of $583,045 through JPMorgan Chase Bank, National Association, which was approved in May, 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 April, 2022.

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 More
Understanding 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 More

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, NJ Edge.net Inc's 2019 payroll expenses are estimated to be at least $2.8M.

Based on their reported 31 jobs retained, this equals an estimated average yearly compensation of $90,278 per employee1

Reported PPP Proceed Usage:

On the PPP application, NJ Edge.net Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $583,045

Business Information - NJ Edge.net Inc in Newark, NJ

NJ Edge.net Inc
625 Broad St Ste 260
Newark, NJ 7102

Business Industry:
Educational Support Services
NAICS code 611710

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Essex County, NJ — SBA Office 0299 — Congressional District: NJ-10

Similar Companies near Newark

In the Newark area, 15 businesses in the "Educational Support Services" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 31) and received an average PPP loan of $109,091 (compared to this company's $583,045).

Industry PPP Comparison Statistics

Nationwide, 38,218 businesses in the "Educational Support Services" industry received a total of $2.32B 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 7 employees, 77% lower than NJ Edge.net Inc's reported 31 employees, and received an average PPP loan of $60,661, 90% lower than this company's loan of $583,045.

SBA PPP loan data, payroll data, and salaries for NJ Edge.net, Inc
NJ Nonprofit Organization

NJ Edge.net, Inc

Entity: 501(c)3 – Non Profit

Industry:

Location: Newark, NJ

Search All PPP Data

NJ Edge.net, Inc is a 501(c)3 – non profit located at 218 Central Ave Ste 3420 in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $579,027.00 in May, 2020.

$ PPP Loan Information
Loan #3085087706

Loan Size:

$579,027

Jobs Retained:

26

Loan Approved:

2020-05-01

Loan Status:

Paid in Full or Forgiven

Lender:

JPMorgan Chase Bank, National Association
Likely Employment Reduction3

NJ Edge.net, Inc in Newark, NJ received a Paycheck Protection Loan of $579,027 through JPMorgan Chase Bank, National Association, which was approved in May, 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 July, 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 26 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 28. 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

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 More
Understanding 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 More

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, NJ Edge.net, Inc's 2019 payroll expenses are estimated to be at least $2.78M (not accounting for salary amounts > $100k).

Because the 26 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, NJ Edge.net, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $579,027

Business Information - NJ Edge.net, Inc in Newark, NJ

NJ Edge.net, Inc
218 Central Ave Ste 3420
Newark, NJ 7103

Business Industry:

NAICS code

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Essex County, NJ — SBA Office 0299 — Congressional District: NJ-10

Industry PPP Comparison Statistics

Nationwide, 132,326 businesses in the "" industry received a total of $5.85B 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 13 employees, 50% lower than NJ Edge.net, Inc's reported 26 employees, and received an average PPP loan of $44,230, 92% lower than this company's loan of $579,027.

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.

Search FederalPay's Full PPP Loan Database

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.

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