PPP Loan Data — Precision Textiles LLC, Totowa, NJ
Precision Textiles LLC is a limited liability company (LLC) located at 200 Maltese Dr in Totowa, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,506,890.00 in April, 2020.
$ PPP Loan Information
Lender:ONEWEST BANK, A DIVISION OF
Precision Textiles LLC in Totowa, NJ received a Paycheck Protection Loan of $2.51M through ONEWEST BANK, A DIVISION OF, which was approved in April, 2020.
Based on standard PPP eligibility rules, Precision Textiles LLC's total 2019 payroll expenses were approximately $12.03M in order to qualify for the PPP loan amount received.
Based on their reported 191 jobs retained, this equals an estimated average yearly compensation of $63,000 per employee1.
Business Information - Precision Textiles LLC in Totowa, NJ
200 Maltese Dr
Totowa, NJ 07512
Fabric Coating Mills (NAICS code 313320)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NJ-11
Similar Companies near Totowa
In the Totowa area, 2 businesses in the "Fabric Coating Mills" industry received a PPP loan. These local businesses reported an average of 101 employees (compared to this company's 191) and received an average PPP loan of $1,308,564 (compared to this company's $2.51M).
Similar Nearby Businesses Who Received PPP Funding:
Custom Laminations, Inc.
Industry PPP Comparison Statistics
Nationwide, 119 businesses in the "Fabric Coating Mills" industry received a total of $42,497,205.00 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 25 employees, 87% lower than Precision Textiles LLC's reported 191 employees, and received an average PPP loan of $357,119, 86% lower than this company's loan of $2.51M.
FederalPay's PPP Information Policy
Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan. All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA.
Footnotes & Information
1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.
2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.
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