Rotor Clip Company, Inc. in Somerset, NJ - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Rotor Clip Company, Inc., Somerset, NJ

Rotor Clip Company, Inc.

Entity: Corporation

Industry: Laminated Plastics Plate, Sheet (except Packaging), and Shape Manufacturing

Location: Somerset, NJ

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 Size:

$4.7M

Jobs Retained:

271

Loan Approved:

2020-04-14

Lender:

PEAPACK-GLADSTONE BANK

Rotor Clip Company, Inc. received a Paycheck Protection Loan of $4.7M through PEAPACK-GLADSTONE BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Rotor Clip Company, Inc.'s total 2019 payroll expenses were approximately $22.56M in order to qualify for the PPP loan amount received.

Based on their reported 271 jobs retained, this equals an estimated average yearly compensation of $83,247 per employee¹.

Because the loan received by Rotor Clip Company, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Rotor Clip Company, Inc. in Somerset, NJ

Rotor Clip Company, Inc.
187 Davidson Ave
Somerset, NJ 8873

Business Industry

Laminated Plastics Plate, Sheet (except Packaging), and Shape Manufacturing (NAICS code 326130)

Business Owner Demographics

Race / Ethnicity: WHITE

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: NJ-12

Industry PPP Comparison Statistics

Nationwide, 151 businesses in the "Laminated Plastics Plate, Sheet (except Packaging), and Shape Manufacturing" industry received a total of $51,776,200.00 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 29 employees, 89% lower than Rotor Clip Company, Inc.'s reported 271 employees, and received an average PPP loan of $342,889, 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.

Search FederalPay's Full PPP Loan Database

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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