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PPP Loan Data — Sovereign Medical Group, Glen Rock, NJ

ALERT: There are a total of 2 PPP loans in our database for businesses with the name "Sovereign Medical Group" in Glen Rock, NJ. Reasoning for multiple loans may include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. See the list of loans under this name and additional details below.

SBA PPP loan data, payroll data, and salaries for Sovereign Medical Group
NJ

Sovereign Medical Group

Entity: Limited Liability Company (LLC)

Industry: Freestanding Ambulatory Surgical and Emergency Centers

Location: Glen Rock, NJ

Search All PPP Data

Sovereign Medical Group is a limited liability company (LLC) located at 85 Harristown Rd in Glen Rock, New Jersey that received a Coronavirus-related PPP loan from the SBA of $3,109,460.00 in June, 2020.

$ PPP Loan Information

Loan Size:

$3.11M

Jobs Retained:

150

Loan Approved:

2020-06-06

Lender:

TD BANK, NATIONAL ASSOCIATION

Sovereign Medical Group received a Paycheck Protection Loan of $3.11M through TD BANK, NATIONAL ASSOCIATION, which was approved in June, 2020.

Based on standard PPP eligibility rules, Sovereign Medical Group's total 2019 payroll expenses were approximately $14.93M in order to qualify for the PPP loan amount received.

Based on their reported 150 jobs retained, this equals an estimated average yearly compensation of $99,503 per employee1.

Because the loan received by Sovereign Medical Group 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 Medical Group in Glen Rock, NJ

Sovereign Medical Group
85 Harristown Rd
Glen Rock, NJ 7452

Business Industry

Freestanding Ambulatory Surgical and Emergency Centers (NAICS code 621493)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: NON-VETERAN

Congressional District: NJ-05

Similar Companies near Glen Rock

In the Glen Rock area, 2 businesses in the "Freestanding Ambulatory Surgical and Emergency Centers" industry received a PPP loan. These local businesses reported an average of 165 employees (compared to this company's 150) and received an average PPP loan of $2,804,730 (compared to this company's $3.11M).

Similar Nearby Businesses Who Received PPP Funding:

Sovereign Medical Group
Glen Rock, NJ

$2.5M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 2,285 businesses in the "Freestanding Ambulatory Surgical and Emergency Centers" industry received a total of $518,205,080.00 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 19 employees, 87% lower than Sovereign Medical Group's reported 150 employees, and received an average PPP loan of $226,786, 93% lower than this company's loan of $3.11M.

SBA PPP loan data, payroll data, and salaries for Sovereign Medical Group
NJ

Sovereign Medical Group

Entity: Limited Liability Company (LLC)

Industry: Freestanding Ambulatory Surgical and Emergency Centers

Location: Glen Rock, NJ

Search All PPP Data

Sovereign Medical Group is a limited liability company (LLC) located at 85 Harristown Road in Glen Rock, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,500,000.00 in June, 2020.

$ PPP Loan Information

Loan Size:

$2.5M

Jobs Retained:

180

Loan Approved:

2020-06-03

Lender:

NORTHEAST BANK

Sovereign Medical Group received a Paycheck Protection Loan of $2.5M through NORTHEAST BANK, which was approved in June, 2020.

Based on standard PPP eligibility rules, Sovereign Medical Group's total 2019 payroll expenses were approximately $12M in order to qualify for the PPP loan amount received.

Based on their reported 180 jobs retained, this equals an estimated average yearly compensation of $66,667 per employee1.

Because the loan received by Sovereign Medical Group 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 Medical Group in Glen Rock, NJ

Sovereign Medical Group
85 Harristown Road
Glen Rock, NJ 7452

Business Industry

Freestanding Ambulatory Surgical and Emergency Centers (NAICS code 621493)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: NON-VETERAN

Congressional District: NJ-05

Similar Companies near Glen Rock

In the Glen Rock area, 2 businesses in the "Freestanding Ambulatory Surgical and Emergency Centers" industry received a PPP loan. These local businesses reported an average of 165 employees (compared to this company's 180) and received an average PPP loan of $2,804,730 (compared to this company's $2.5M).

Similar Nearby Businesses Who Received PPP Funding:

Sovereign Medical Group
Glen Rock, NJ

$3.11M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 2,285 businesses in the "Freestanding Ambulatory Surgical and Emergency Centers" industry received a total of $518,205,080.00 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 19 employees, 89% lower than Sovereign Medical Group's reported 180 employees, and received an average PPP loan of $226,786, 91% lower than this company's loan of $2.5M.

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, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) 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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Source: www.federalpay.org/paycheck-protection-program/sovereign-medical-group-glen-rock-nj