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PPP Loan Data — Seldat Distribution Inc, South Plainfield, NJ

SBA PPP loan data, payroll data, and salaries for Seldat Distribution Inc
NJ

Seldat Distribution Inc

Entity: Corporation

Industry: Other Warehousing and Storage

Location: South Plainfield, NJ

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Seldat Distribution Inc is a corporation located at One Cragewood Suite 103a in South Plainfield, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,125,000.00 in April, 2020.

$ PPP Loan Information
Loan #1612237206

Loan Size:

$2.13M

Jobs Retained:

400

Loan Approved:

2020-04-15

Loan Status:

Ongoing Loan

Lender:

TD Bank, National Association

Seldat Distribution Inc in South Plainfield, NJ received a Paycheck Protection Loan of $2.13M through TD Bank, National Association, which was approved in April, 2020.

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 More
Understanding 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 More

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, Seldat Distribution Inc's 2019 payroll expenses are estimated to be at least $10.2M.

Based on their reported 400 jobs retained, this equals an estimated average yearly compensation of $25,500 per employee1

Reported PPP Proceed Usage:

On the PPP application, Seldat Distribution Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $2,125,000
Because the loan received by Seldat Distribution 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 - Seldat Distribution Inc in South Plainfield, NJ

Seldat Distribution Inc
One Cragewood Suite 103a
South Plainfield, NJ 7080

Business Industry:
Other Warehousing and Storage
NAICS code 493190

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Middlesex County, NJ — SBA Office 0299 — Congressional District: NJ-06

Similar Companies near South Plainfield

In the South Plainfield area, 3 businesses in the "Other Warehousing and Storage" industry received a PPP loan. These local businesses reported an average of 138 employees (compared to this company's 400) and received an average PPP loan of $748,420 (compared to this company's $2.13M).

Industry PPP Comparison Statistics

Nationwide, 1,621 businesses in the "Other Warehousing and Storage" industry received a total of $151.97M 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 10 employees, 98% lower than Seldat Distribution Inc's reported 400 employees, and received an average PPP loan of $93,749, 96% lower than this company's loan of $2.13M.

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.

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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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Source: www.federalpay.org/paycheck-protection-program/seldat-distribution-inc-south-plainfield-nj