PPP Loan Data — Rutgers Preparatory School, Somerset, NJ
Rutgers Preparatory School is a non-profit organization located at 1345 Easton Ave in Somerset, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,569,500.00 in April, 2020.
$ PPP Loan Information
Rutgers Preparatory School received a Paycheck Protection Loan of $2.57M through CONNECTONE BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, Rutgers Preparatory School's total 2019 payroll expenses were approximately $12.33M in order to qualify for the PPP loan amount received.
Based on their reported 193 jobs retained, this equals an estimated average yearly compensation of $63,905 per employee1.
Business Information - Rutgers Preparatory School in Somerset, NJ
1345 Easton Ave
Somerset, NJ 8873
Elementary and Secondary Schools (NAICS code 611110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NJ-12
Similar Companies near Somerset
In the Somerset area, 9 businesses in the "Elementary and Secondary Schools" industry received a PPP loan. These local businesses reported an average of 59 employees (compared to this company's 193) and received an average PPP loan of $763,891 (compared to this company's $2.57M).
Similar Nearby Businesses Who Received PPP Funding:
Sadiq School Inc
Central Jersey College Prep Charter School A NJ Nonprofit Co
Virtual Paragon LLC
St Stanislaus Kostka Church
Inquisitive Minds Steam Academy LLC
The Center School Corporation
Thomas Edison Energy-Smart Charter School, Inc
Cedar Hill Prep LLC
Industry PPP Comparison Statistics
Nationwide, 15,362 businesses in the "Elementary and Secondary Schools" industry received a total of $5,824,752,723.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 38 employees, 80% lower than Rutgers Preparatory School's reported 193 employees, and received an average PPP loan of $379,166, 85% lower than this company's loan of $2.57M.
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.
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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