PPP Loan Data — Parker Ibrahim & Berg LLP, Somerset, NJ
Parker Ibrahim & Berg LLP is a partnership located at 270 Davidson Avenue in Somerset, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,416,302.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Manufacturers and Traders Trust Company
Parker Ibrahim & Berg LLP in Somerset, NJ received a Paycheck Protection Loan of $2.42M through Manufacturers and Traders Trust Company, 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 116. 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, Parker Ibrahim & Berg LLP's 2019 payroll expenses are estimated to be at least $11.6M (not accounting for salary amounts > $100k).
Because the 94 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, Parker Ibrahim & Berg LLP reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,656,556
- Rent: $564,076
- Health Care: $155,670
- Debt Interest: $40,000
Business Information - Parker Ibrahim & Berg LLP in Somerset, NJ
270 Davidson Avenue
Somerset, NJ 8873
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Somerset
In the Somerset area, 15 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 94) and received an average PPP loan of $202,981 (compared to this company's $2.42M).
Similar Nearby Businesses Who Received PPP Funding:
Blick Law LLC
Roberts & Teeter LLC
Mariano & Coiro PC
Francis P Linnus
John M. Krenzel
Weissman & Mintz LLC
Paige & Haag Attorneys At Law LLC
Industry PPP Comparison Statistics
Nationwide, 200,895 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 94% lower than Parker Ibrahim & Berg LLP's reported 94 employees, and received an average PPP loan of $81,518, 97% lower than this company's loan of $2.42M.
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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