PPP Loan Data — SM Tech Solutions, Brick, NJ
SM Tech Solutions is a corporation located at 1451 Route 88 Suite 2 in Brick, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,400.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
SM Tech Solutions in Brick, NJ received a Paycheck Protection Loan of $25,400 through FinWise 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 May, 2021.
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, SM Tech Solutions' 2019 payroll expenses are estimated to be at least $121,920.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,480 per employee1
Reported PPP Proceed Usage:
On the PPP application, SM Tech Solutions reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,400
Business Information - SM Tech Solutions in Brick, NJ
1451 Route 88 Suite 2
Brick, NJ 8724
Data Processing, Hosting, and Related Services
NAICS code 518210
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: Y
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 10,209 businesses in the "Data Processing, Hosting, and Related Services" industry received a total of $1.51B 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 11 employees, 175% higher than SM Tech Solutions' reported 4 employees, and received an average PPP loan of $147,893, 482% higher than this company's loan of $25,400.
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Footnotes & Information
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