PPP Loan Data — Spectrotel Inc, Neptune, NJ
Spectrotel Inc is a corporation located at 3535 Route 66 Ste 7 in Neptune, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,311,587.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Bank of America, National Association
Spectrotel Inc in Neptune, NJ received a Paycheck Protection Loan of $2.31M through Bank of America, 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 July, 2020.
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, Spectrotel Inc's 2019 payroll expenses are estimated to be at least $11.1M.
Based on their reported 153 jobs retained, this equals an estimated average yearly compensation of $72,520 per employee1
Reported PPP Proceed Usage:
On the PPP application, Spectrotel Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,311,587
Business Information - Spectrotel Inc in Neptune, NJ
3535 Route 66 Ste 7
Neptune, NJ 7753
NAICS code 517911
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Neptune
In the Neptune area, 2 businesses in the "Telecommunications Resellers" industry received a PPP loan. These local businesses reported an average of 77 employees (compared to this company's 153) and received an average PPP loan of $1,160,788 (compared to this company's $2.31M).
Similar Nearby Businesses Who Received PPP Funding:
Communication Technologies Inc-Sba Small 7A Term
Industry PPP Comparison Statistics
Nationwide, 3,030 businesses in the "Telecommunications Resellers" industry received a total of $444.12M 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 13 employees, 92% lower than Spectrotel Inc's reported 153 employees, and received an average PPP loan of $146,573, 94% lower than this company's loan of $2.31M.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!