PPP Loan Data — Portuguese Baking Company, LP, Newark, NJ
Portuguese Baking Company, LP is a limited liability partnership located at 113 - 129 Kossuth Street in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,028,300.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Portuguese Baking Company, LP in Newark, NJ received a Paycheck Protection Loan of $2.03M through ConnectOne Bank, which was approved in April, 2020.
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, Portuguese Baking Company, LP's 2019 payroll expenses are estimated to be at least $9.74M.
Based on their reported 176 jobs retained, this equals an estimated average yearly compensation of $55,317 per employee1
Reported PPP Proceed Usage:
On the PPP application, Portuguese Baking Company, LP reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,028,300
Business Information - Portuguese Baking Company, LP in Newark, NJ
113 - 129 Kossuth Street
Newark, NJ 7105
NAICS code 311812
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Newark
In the Newark area, 13 businesses in the "Commercial Bakeries" industry received a PPP loan. These local businesses reported an average of 38 employees (compared to this company's 176) and received an average PPP loan of $339,616 (compared to this company's $2.03M).
Similar Nearby Businesses Who Received PPP Funding:
Otra Casita Bakery Restaurant LLC
Dupal Enterprises LLC
Vieira's Bakery Inc
PAO De Miiho III, LLC
Bakery Of Portugal
PAO De Milho III LLC
Bakery Espiga De Oro, Inc
Industry PPP Comparison Statistics
Nationwide, 4,663 businesses in the "Commercial Bakeries" industry received a total of $669.33M 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 19 employees, 89% lower than Portuguese Baking Company, LP's reported 176 employees, and received an average PPP loan of $143,541, 93% lower than this company's loan of $2.03M.
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Footnotes & Information
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