PPP Loan Data — O. A. Peterson Construction Co. Inc, Montclair, NJ
O. A. Peterson Construction Co. Inc
Entity: Subchapter S Corporation
Location: Montclair, NJTweet This • Search All PPP Data
O. A. Peterson Construction Co. Inc is a subchapter s corporation located at 78 North Willow St 0 in Montclair, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,222,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
O. A. Peterson Construction Co. Inc in Montclair, NJ received a Paycheck Protection Loan of $2.22M through Citibank, N.A., which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 107. 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
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, O. A. Peterson Construction Co. Inc's 2019 payroll expenses are estimated to be at least $10.67M (not accounting for salary amounts > $100k).
Because the 88 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, O. A. Peterson Construction Co. Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,222,100
Business Information - O. A. Peterson Construction Co. Inc in Montclair, NJ
78 North Willow St 0
Montclair, NJ 7042
Commercial and Institutional Building Construction
NAICS code 236220
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Montclair
In the Montclair area, 13 businesses in the "Commercial and Institutional Building Construction" industry received a PPP loan. These local businesses reported an average of 15 employees (compared to this company's 88) and received an average PPP loan of $265,962 (compared to this company's $2.22M).
Similar Nearby Businesses Who Received PPP Funding:
Fmkn Construction Corp
Ella Construction LLC
Cedar Consultants LLC
Grafas Painting Contractors In
J Clark & Associates LLC
Industry PPP Comparison Statistics
Nationwide, 78,873 businesses in the "Commercial and Institutional Building Construction" industry received a total of $12.41B 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 12 employees, 86% lower than O. A. Peterson Construction Co. Inc's reported 88 employees, and received an average PPP loan of $157,325, 93% lower than this company's loan of $2.22M.
FederalPay's PPP Information Policy
Footnotes & Information
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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