PPP Loan Data — Smart Works LLC, Edison, NJ
Smart Works LLC is a limited liability company (LLC) located at 55 Edison Ave in Edison, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,591,900.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:First United Bank and Trust Company
Smart Works LLC in Edison, NJ received a Paycheck Protection Loan of $2.59M through First United Bank and Trust Company, 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, Smart Works LLC's 2019 payroll expenses are estimated to be at least $12.44M.
Based on their reported 140 jobs retained, this equals an estimated average yearly compensation of $88,865 per employee1
Reported PPP Proceed Usage:
On the PPP application, Smart Works LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,436,480
- Utilities: $25,820
- Rent: $129,600
Business Information - Smart Works LLC in Edison, NJ
55 Edison Ave
Edison, NJ 8820
Computer Systems Design Services
NAICS code 541512
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Edison
In the Edison area, 27 businesses in the "Computer Systems Design Services" industry received a PPP loan. These local businesses reported an average of 14 employees (compared to this company's 140) and received an average PPP loan of $245,646 (compared to this company's $2.59M).
Similar Nearby Businesses Who Received PPP Funding:
Infopace Technologies Inc
Everest Consulting Group Inc
Vernus Technologies Inc
JRD Consulting Corporation
Industry PPP Comparison Statistics
Nationwide, 31,382 businesses in the "Computer Systems Design Services" industry received a total of $4.35B 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, 93% lower than Smart Works LLC's reported 140 employees, and received an average PPP loan of $138,748, 95% lower than this company's loan of $2.59M.
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Footnotes & Information
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