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PPP Loan Data — Sovereign Distributors, Inc., Cherry Hill, NJ

SBA PPP loan data, payroll data, and salaries for Sovereign Distributors, Inc.
NJ

Sovereign Distributors, Inc.

Entity: Subchapter S Corporation

Industry: Floor Covering Stores

Location: Cherry Hill, NJ

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Sovereign Distributors, Inc. is a subchapter s corporation located at 2030 Springdale Road in Cherry Hill, New Jersey that received a Coronavirus-related PPP loan from the SBA of $4,696,300.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$4.7M

Jobs Retained:

349

Loan Approved:

2020-04-15

Lender:

PNC BANK, NATIONAL ASSOCIATION

Sovereign Distributors, Inc. in Cherry Hill, NJ received a Paycheck Protection Loan of $4.7M through PNC BANK, NATIONAL ASSOCIATION, which was approved in April, 2020.

Based on standard PPP eligibility rules, Sovereign Distributors, Inc.'s total 2019 payroll expenses were approximately $22.54M in order to qualify for the PPP loan amount received.

Based on their reported 349 jobs retained, this equals an estimated average yearly compensation of $64,591 per employee1.

Because the loan received by Sovereign Distributors, Inc. is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Sovereign Distributors, Inc. in Cherry Hill, NJ

Sovereign Distributors, Inc.
2030 Springdale Road
Cherry Hill, NJ 08003

Business Industry

Floor Covering Stores (NAICS code 442210)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: NJ-01

Similar Companies near Cherry Hill

In the Cherry Hill area, 3 businesses in the "Floor Covering Stores" industry received a PPP loan. These local businesses reported an average of 126 employees (compared to this company's 349) and received an average PPP loan of $1,750,165 (compared to this company's $4.7M).

Industry PPP Comparison Statistics

Nationwide, 6,129 businesses in the "Floor Covering Stores" industry received a total of $557,466,369.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 8 employees, 98% lower than Sovereign Distributors, Inc.'s reported 349 employees, and received an average PPP loan of $90,956, 98% lower than this company's loan of $4.7M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan. All information displayed on this page is publicly available information under PPP loan guidelines, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/sovereign-distributors-inc-cherry-hill-nj