PPP Loan Data — Smolin, Lupin And Co., PA, Fairfield, NJ
Smolin, Lupin And Co., PA is a partnership located at 165 Passaic Ave in Fairfield, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,133,958.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Loan Source Incorporated
Smolin, Lupin And Co., PA in Fairfield, NJ received a Paycheck Protection Loan of $2.13M through Loan Source Incorporated, which was approved in April, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 102. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Smolin, Lupin And Co., PA's 2019 payroll expenses are estimated to be at least $10.24M (not accounting for salary amounts > $100k).
Because the 95 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Smolin, Lupin And Co., PA reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,133,958
Business Information - Smolin, Lupin And Co., PA in Fairfield, NJ
165 Passaic Ave
Fairfield, NJ 7004
Offices of Certified Public Accountants
NAICS code 541211
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Fairfield
In the Fairfield area, 44 businesses in the "Offices of Certified Public Accountants" industry received a PPP loan. These local businesses reported an average of 9 employees (compared to this company's 95) and received an average PPP loan of $157,584 (compared to this company's $2.13M).
Similar Nearby Businesses Who Received PPP Funding:
HUM & Jacoby, LLP
John Lisa CPA
Frank W Kapitza & Associates LLC
Leaf, Miele, Manganelli, Fortunato & Engel, LLC
John Sessa Jr., CPA, A Professional Corporation
Robert G Kozak CPA
Elstein, Friedman & Silverman PC
Industry PPP Comparison Statistics
Nationwide, 57,013 businesses in the "Offices of Certified Public Accountants" industry received a total of $4.21B 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 6 employees, 94% lower than Smolin, Lupin And Co., PA's reported 95 employees, and received an average PPP loan of $73,772, 97% lower than this company's loan of $2.13M.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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