PPP Loan Data — Special Designs Of Jewelry, Inc, Suffern, NY
Special Designs Of Jewelry, Inc is a corporation located at 16 Indian Rock Plaza Route 59 in Suffern, New York that received a Coronavirus-related PPP loan from the SBA of $25,057.00 in April, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Manufacturers and Traders Trust Company
Special Designs Of Jewelry, Inc in Suffern, NY received a Paycheck Protection Loan of $25,057 through Manufacturers and Traders Trust Company, which was approved in April, 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 April, 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, Special Designs Of Jewelry, Inc's 2019 payroll expenses are estimated to be at least $120,274.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,091 per employee1
Reported PPP Proceed Usage:
On the PPP application, Special Designs Of Jewelry, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,046
- Utilities: $776
- Rent: $4,235
Business Information - Special Designs Of Jewelry, Inc in Suffern, NY
16 Indian Rock Plaza Route 59
Suffern, NY 10901
NAICS code 448310
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Suffern
In the Suffern area, 2 businesses in the "Jewelry Stores" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 3) and received an average PPP loan of $17,885 (compared to this company's $25,057).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 22,187 businesses in the "Jewelry Stores" industry received a total of $956.02M 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 5 employees, 67% higher than Special Designs Of Jewelry, Inc's reported 3 employees, and received an average PPP loan of $43,089, 72% higher than this company's loan of $25,057.
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Footnotes & Information
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