PPP Loan Data — Seldat Distribution Inc, South Plainfield, NJ
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 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.
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, 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
Business Information - Seldat Distribution Inc in South Plainfield, NJ
One Cragewood Suite 103a
South Plainfield, NJ 7080
Other Warehousing and Storage
NAICS code 493190
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
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).
Similar Nearby Businesses Who Received PPP Funding:
South Plainfield, NJ
Upperclass Warehouse East
South Plainfield, NJ
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.
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Footnotes & Information
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