PAYCHECK PROTECTION LOAN DATA NOW AVAILABLE — FederalPay is now hosting the latest publicly released PPP loan company data from the SBA
Is Juneteenth Federal Holiday? Learn more about the Juneteenth Federal Holiday. (This is a developing story)

PPP Loan Data — Studio Ray LLC, Avenel, NJ

ALERT: There are 2 PPP loans for a total of $3.52M in our database for businesses with the name "Studio Ray LLC" in Avenel, NJ. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Studio Ray LLC
NJ

Studio Ray LLC

Entity: Limited Liability Company (LLC)

Industry: Other Cut and Sew Apparel Manufacturing

Location: Avenel, NJ

Search All PPP Data

Studio Ray LLC is a limited liability company (LLC) located at 18 Engelhard Ave in Avenel, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,693,942.00 in February, 2021.

$ PPP Loan Information
Loan #5413208406

Loan Size:

$1.69M

Jobs Retained:

107

Loan Approved:

2021-02-08

Loan Status:

Ongoing Loan

Lender:

JPMorgan Chase Bank, National Association

Studio Ray LLC in Avenel, NJ received a Paycheck Protection Loan of $1.69M through JPMorgan Chase Bank, National Association, which was approved in February, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Studio Ray LLC's 2019 payroll expenses are estimated to be at least $8.13M.

Based on their reported 107 jobs retained, this equals an estimated average yearly compensation of $75,990 per employee1

Reported PPP Proceed Usage:

On the PPP application, Studio Ray LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,693,940
  • Utilities: $1

Business Information - Studio Ray LLC in Avenel, NJ

Studio Ray LLC
18 Engelhard Ave
Avenel, NJ 7001

Business Industry:
Other Cut and Sew Apparel Manufacturing
NAICS code 315280

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Middlesex County, NJ — SBA Office 0299 — Congressional District: NJ-06

Similar Companies near Avenel

In the Avenel area, 4 businesses in the "Other Cut and Sew Apparel Manufacturing" industry received a PPP loan. These local businesses reported an average of 58 employees (compared to this company's 107) and received an average PPP loan of $919,020 (compared to this company's $1.69M).

Similar Nearby Businesses Who Received PPP Funding:

Amrapur Warehousing LLC
Avenel, NJ

$53,800 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,953 businesses in the "Other Cut and Sew Apparel Manufacturing" industry received a total of $180.7M 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 12 employees, 89% lower than Studio Ray LLC's reported 107 employees, and received an average PPP loan of $92,522, 95% lower than this company's loan of $1.69M.

SBA PPP loan data, payroll data, and salaries for Studio Ray LLC
NJ

Studio Ray LLC

Entity: Limited Liability Company (LLC)

Industry: Other Cut and Sew Apparel Manufacturing

Location: Avenel, NJ

Search All PPP Data

Studio Ray LLC is a limited liability company (LLC) located at 18 Engelhard Avenue 0.0 in Avenel, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,827,797.00 in April, 2020.

$ PPP Loan Information
Loan #1564787103

Loan Size:

$1.83M

Jobs Retained:

108

Loan Approved:

2020-04-10

Loan Status:

Paid in Full or Forgiven

Lender:

JPMorgan Chase Bank, National Association

Studio Ray LLC in Avenel, NJ received a Paycheck Protection Loan of $1.83M through JPMorgan Chase Bank, National Association, 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 March, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Studio Ray LLC's 2019 payroll expenses are estimated to be at least $8.77M.

Based on their reported 108 jobs retained, this equals an estimated average yearly compensation of $81,235 per employee1

Reported PPP Proceed Usage:

On the PPP application, Studio Ray LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,439,131
  • Rent: $360,000
  • Health Care: $28,666

Business Information - Studio Ray LLC in Avenel, NJ

Studio Ray LLC
18 Engelhard Avenue 0.0
Avenel, NJ 7001

Business Industry:
Other Cut and Sew Apparel Manufacturing
NAICS code 315280

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Middlesex County, NJ — SBA Office 0299 — Congressional District: NJ-06

Similar Companies near Avenel

In the Avenel area, 4 businesses in the "Other Cut and Sew Apparel Manufacturing" industry received a PPP loan. These local businesses reported an average of 58 employees (compared to this company's 108) and received an average PPP loan of $919,020 (compared to this company's $1.83M).

Similar Nearby Businesses Who Received PPP Funding:

Amrapur Warehousing LLC
Avenel, NJ

$53,800 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,953 businesses in the "Other Cut and Sew Apparel Manufacturing" industry received a total of $180.7M 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 12 employees, 89% lower than Studio Ray LLC's reported 108 employees, and received an average PPP loan of $92,522, 95% lower than this company's loan of $1.83M.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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.


Have FederalPay.org's open data tools been valuable? Consider donating!

** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/studio-ray-llc-avenel-nj