PPP Loan Data — NJ Petroleum Inc, Milton, FL
NJ Petroleum Inc is a corporation located at 6125 Highway 90 in Milton, Florida that received a Coronavirus-related PPP loan from the SBA of $25,091.00 in April, 2020. This business is a Race Trac franchise.
The company has reported itself as a female owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:The First, A National Banking Association
NJ Petroleum Inc in Milton, FL received a Paycheck Protection Loan of $25,091 through The First, A National Banking Association, which was approved in April, 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 February, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
Understanding Payroll Estimates Based On PPP Amount
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 Petroleum Inc's 2019 payroll expenses are estimated to be at least $120,437.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,205 per employee1
Reported PPP Proceed Usage:
On the PPP application, NJ Petroleum Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $18,820
- Utilities: $1,771
- Rent: $4,500
Business Information - NJ Petroleum Inc in Milton, FL
6125 Highway 90
Milton, FL 32570
Gasoline Stations with Convenience Stores
NAICS code 447110
Business Owner Demographics
Ethnicity: Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Milton
In the Milton area, 7 businesses in the "Gasoline Stations with Convenience Stores" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 7) and received an average PPP loan of $15,329 (compared to this company's $25,091).
Similar Nearby Businesses Who Received PPP Funding:
Aarni Investments LLC
Milton Food Mart LLC
Nimzim Oil LLC
Hamt Nt LLC
S Food Mart Three LLC
Gulf Sea LLC
Industry PPP Comparison Statistics
Nationwide, 45,026 businesses in the "Gasoline Stations with Convenience Stores" industry received a total of $2.06B 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 10 employees, 43% higher than NJ Petroleum Inc's reported 7 employees, and received an average PPP loan of $45,821, 83% higher than this company's loan of $25,091.
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Footnotes & Information
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