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PPP Loan Data — Novo Construction, Menlo Park, CA

SBA PPP loan data, payroll data, and salaries for Novo Construction
CA

Novo Construction

Entity: Corporation

Industry: Commercial and Institutional Building Construction

Location: Menlo Park, CA

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Novo Construction is a corporation located at 1460 O'brien Drive in Menlo Park, California that received a Coronavirus-related PPP loan from the SBA of $3,000,000.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$3M

Jobs Retained:

150

Loan Approved:

2020-04-08

Lender:

FREMONT BANK

Novo Construction received a Paycheck Protection Loan of $3M through FREMONT BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Novo Construction's total 2019 payroll expenses were approximately $14.4M in order to qualify for the PPP loan amount received.

Based on their reported 150 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee1.

Because the loan received by Novo Construction 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 - Novo Construction in Menlo Park, CA

Novo Construction
1460 O'brien Drive
Menlo Park, CA 94025

Business Industry

Commercial and Institutional Building Construction (NAICS code 236220)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: CA-14

Similar Companies near Menlo Park

In the Menlo Park area, 5 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 40 employees (compared to this company's 150) and received an average PPP loan of $847,986 (compared to this company's $3M).

Industry PPP Comparison Statistics

Nationwide, 39,925 businesses in the "Commercial and Institutional Building Construction" industry received a total of $8,114,153,480.00 in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 13 employees, 91% lower than Novo Construction's reported 150 employees, and received an average PPP loan of $203,235, 93% lower than this company's loan of $3M.

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.

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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/novo-construction-menlo-park-ca