PPP Loan Data — Ocean Place Condo Assoc, Wildwood, NJ
Ocean Place Condo Assoc
Industry: Other Similar Organizations (except Business, Professional, Labor, and Political Organizations)
Location: Wildwood, NJTweet This • Search All PPP Data
Ocean Place Condo Assoc is a corporation located at 7100 Ocean Ave in Wildwood, New Jersey that received a Coronavirus-related PPP loan from the SBA of $24,955.00 in April, 2020.
The company has reported itself as a male 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:Crest Savings Bank
Ocean Place Condo Assoc in Wildwood, NJ received a Paycheck Protection Loan of $24,955 through Crest Savings Bank, 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, Ocean Place Condo Assoc's 2019 payroll expenses are estimated to be at least $119,784.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,112 per employee1
Reported PPP Proceed Usage:
On the PPP application, Ocean Place Condo Assoc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,955
Business Information - Ocean Place Condo Assoc in Wildwood, NJ
7100 Ocean Ave
Wildwood, NJ 8260
Other Similar Organizations (except Business, Professional, Labor, and Political Organizations)
NAICS code 813990
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Wildwood
In the Wildwood area, 5 businesses in the "Other Similar Organizations (except Business, Professional, Labor, and Political Organizations)" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 7) and received an average PPP loan of $78,270 (compared to this company's $24,955).
Similar Nearby Businesses Who Received PPP Funding:
Surf Song Condominium Association Inc
North Wildwood, NJ
Regency Towers Condominium Association
Wildwood Ocean Towers Condominium Association
Seapointe Village Master Association
Wildwood Crest, NJ
Industry PPP Comparison Statistics
Nationwide, 8,934 businesses in the "Other Similar Organizations (except Business, Professional, Labor, and Political Organizations)" industry received a total of $676.03M 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 9 employees, 29% higher than Ocean Place Condo Assoc's reported 7 employees, and received an average PPP loan of $75,670, 203% higher than this company's loan of $24,955.
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