PPP Loan Data — Soma Enterprises, PA.-Sba Small 7A Term, Berlin, NJ
Soma Enterprises, PA.-Sba Small 7A Term is a corporation located at 68 S White Horse Pike in Berlin, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as an Asian male owned business, and employed at least seven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:TD Bank, National Association
Soma Enterprises, PA.-Sba Small 7A Term in Berlin, NJ received a Paycheck Protection Loan of $25,000 through TD Bank, National Association, which was approved in May, 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 March, 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, Soma Enterprises, PA.-Sba Small 7A Term's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,143 per employee1
Reported PPP Proceed Usage:
On the PPP application, Soma Enterprises, PA.-Sba Small 7A Term reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Soma Enterprises, PA.-Sba Small 7A Term in Berlin, NJ
68 S White Horse Pike
Berlin, NJ 8009
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
PPP recipients in this industry report an average of 0 employees, 100% lower than Soma Enterprises, PA.-Sba Small 7A Term's reported 7 employees, and received an average PPP loan of $0, 100% lower than this company's loan of $25,000.
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Footnotes & Information
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