PPP Loan Data — Ray Catena Of Union LLC, Union, NJ
Ray Catena Of Union LLC is a limited liability company (LLC) located at 2585 Route 22 W in Union, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,963,235.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Ray Catena Of Union LLC in Union, NJ received a Paycheck Protection Loan of $1.96M through Bank of America, National Association, 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 June, 2021.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 76 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.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 94. 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, Ray Catena Of Union LLC's 2019 payroll expenses are estimated to be at least $9.42M (not accounting for salary amounts > $100k).
Because the 76 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, Ray Catena Of Union LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,963,235
Business Information - Ray Catena Of Union LLC in Union, NJ
2585 Route 22 W
Union, NJ 7083
New Car Dealers
NAICS code 441110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Union
In the Union area, 5 businesses in the "New Car Dealers" industry received a PPP loan. These local businesses reported an average of 81 employees (compared to this company's 76) and received an average PPP loan of $1,399,507 (compared to this company's $1.96M).
Similar Nearby Businesses Who Received PPP Funding:
MJC Auto Enterprise
Open Road Of Union LLC
Maxon Hyundai Inc
Industry PPP Comparison Statistics
Nationwide, 19,896 businesses in the "New Car Dealers" industry received a total of $12.31B 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 52 employees, 32% lower than Ray Catena Of Union LLC's reported 76 employees, and received an average PPP loan of $618,860, 68% lower than this company's loan of $1.96M.
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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