PPP Loan Data — Nugate Group LLC, San Jose, CA
Nugate Group LLC is a limited liability company (LLC) located at 619 N 1st Street in San Jose, California that received a Coronavirus-related PPP loan from the SBA of $1,820,286.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Wells Fargo Bank, National Association
Nugate Group LLC in San Jose, CA received a Paycheck Protection Loan of $1.82M through Wells Fargo 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 June, 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 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, Nugate Group LLC's 2019 payroll expenses are estimated to be at least $8.74M.
Based on their reported 359 jobs retained, this equals an estimated average yearly compensation of $24,338 per employee1
Reported PPP Proceed Usage:
On the PPP application, Nugate Group LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,820,286
Business Information - Nugate Group LLC in San Jose, CA
619 N 1st Street
San Jose, CA 95112
Facilities Support Services
NAICS code 561210
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near San Jose
In the San Jose area, 3 businesses in the "Facilities Support Services" industry received a PPP loan. These local businesses reported an average of 124 employees (compared to this company's 359) and received an average PPP loan of $673,569 (compared to this company's $1.82M).
Similar Nearby Businesses Who Received PPP Funding:
R & R Refrigeration & Air Conditioning
San Jose, CA
4G's Paint & Maintenance
San Jose, CA
Industry PPP Comparison Statistics
Nationwide, 5,275 businesses in the "Facilities Support Services" industry received a total of $630.92M 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 13 employees, 96% lower than Nugate Group LLC's reported 359 employees, and received an average PPP loan of $119,606, 93% lower than this company's loan of $1.82M.
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Footnotes & Information
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