PPP Loan Data — Ocean Health Initiatives, Inc., Neptune, NJ
Ocean Health Initiatives, Inc. is a non-profit organization located at 3600 State Route 66 in Neptune, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,947,215.00 in April, 2020.
$ PPP Loan Information
Lender:TD BANK, NATIONAL ASSOCIATION
Ocean Health Initiatives, Inc. received a Paycheck Protection Loan of $2.95M through TD BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.
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 1 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.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 141.
Based on standard PPP eligibility rules, Ocean Health Initiatives, Inc.'s total 2019 payroll expenses were approximately $14.15M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 1 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Ocean Health Initiatives, Inc. in Neptune, NJ
3600 State Route 66
Neptune, NJ 7753
All Other Outpatient Care Centers (NAICS code 621498)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NJ-04
Similar Companies near Neptune
In the Neptune area, 2 businesses in the "All Other Outpatient Care Centers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 1) and received an average PPP loan of $1,498,243 (compared to this company's $2.95M).
Similar Nearby Businesses Who Received PPP Funding:
Neptune City, NJ
Industry PPP Comparison Statistics
Nationwide, 5,588 businesses in the "All Other Outpatient Care Centers" industry received a total of $1,142,796,792.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.
PPP recipients in this industry report an average of 17 employees, 1600% higher than Ocean Health Initiatives, Inc.'s reported 1 employees, and received an average PPP loan of $204,509, 93% lower than this company's loan of $2.95M.
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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