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PPP Loan Data — Rotor Clip Company Inc,
Somerset, NJ
Rotor Clip Company Inc
Entity: Corporation
Industry: Bolt, Nut, Screw, Rivet, and Washer Manufacturing
Location: Somerset, NJ
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Rotor Clip Company Inc is a corporation located at 187 Davidson Ave in Somerset, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in January, 2021.
The company has reported itself as a White male owned business, and employed at least 270 people during the applicable loan loan period.
$
PPP Loan Information
Loan #5312548306
Loan Size:
Jobs Retained:
270Loan Approved:
2021-01-25Loan Status:
Ongoing LoanLender:
Loan Source IncorporatedRotor Clip Company Inc in Somerset, NJ received a Paycheck Protection Loan of $2M through Loan Source Incorporated, which was approved in January, 2021.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Rotor Clip Company Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 270 jobs retained, this equals an estimated average yearly compensation of $35,556 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rotor Clip Company Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,000,000
Business Information - Rotor Clip Company Inc in Somerset, NJ
187 Davidson Ave
Somerset, NJ 8873
Business Industry:
Bolt, Nut, Screw, Rivet, and Washer Manufacturing
NAICS code 332722
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 761 businesses in the "Bolt, Nut, Screw, Rivet, and Washer Manufacturing" industry received a total of $280.01M 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 31 employees, 89% lower than Rotor Clip Company Inc's reported 270 employees, and received an average PPP loan of $367,944, 82% lower than this company's loan of $2M.
Rotor Clip Company, Inc
Entity: Corporation
Industry: Laminated Plastics Plate, Sheet (except Packaging), and Shape Manufacturing
Location: Somerset, NJ
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Rotor Clip Company, Inc is a corporation located at 187 Davidson Ave in Somerset, New Jersey that received a Coronavirus-related PPP loan from the SBA of $4,700,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least 271 people during the applicable loan loan period.
$
PPP Loan Information
Loan #7075727103
Loan Size:
Jobs Retained:
271Loan Approved:
2020-04-14Loan Status:
Paid in Full or ForgivenLender:
Peapack-Gladstone BankRotor Clip Company, Inc in Somerset, NJ received a Paycheck Protection Loan of $4.7M through Peapack-Gladstone 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 July, 2021.
Payroll Estimates Based On SBA PPP Loan Eligibility Formula
Understanding The SBA Formula For Determining PPP Loan Eligibility
The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.
Read MoreUnderstanding Payroll Estimates Based On PPP Amount
Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.
Read MoreBased 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, Rotor Clip Company, Inc's 2019 payroll expenses are estimated to be at least $22.56M.
Based on their reported 271 jobs retained, this equals an estimated average yearly compensation of $83,247 per employee1
Reported PPP Proceed Usage:
On the PPP application, Rotor Clip Company, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $4,700,000
Business Information - Rotor Clip Company, Inc in Somerset, NJ
187 Davidson Ave
Somerset, NJ 8873
Business Industry:
Laminated Plastics Plate, Sheet (except Packaging), and Shape Manufacturing
NAICS code 326130
Business Owner Demographics
Race: White
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 214 businesses in the "Laminated Plastics Plate, Sheet (except Packaging), and Shape Manufacturing" industry received a total of $71.94M 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 31 employees, 89% lower than Rotor Clip Company, Inc's reported 271 employees, and received an average PPP loan of $336,152, 93% lower than this company's loan of $4.7M.
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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.
Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.
Footnotes & Information
1. Estimations for informational purposes only. 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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