PPP Loan Data — The New Hope Baptist Church, Newark, NJ
The New Hope Baptist Church is a non-profit organization located at 106 Sussex Avenue in Newark, New Jersey that received a Coronavirus-related PPP loan from the SBA of $88,100.00 in April, 2020.
$ PPP Loan Information
The New Hope Baptist Church received a Paycheck Protection Loan of $88,100 through INVESTORS BANK, which was approved in April, 2020.
Based on standard PPP eligibility rules, The New Hope Baptist Church's total 2019 payroll expenses were approximately $422,880 in order to qualify for the PPP loan amount received.
Based on their reported 19 jobs retained, this equals an estimated average yearly compensation of $22,257 per employee1.
Business Information - The New Hope Baptist Church in Newark, NJ
106 Sussex Avenue
Newark, NJ 7103
Religious Organizations (NAICS code 813110)
Business Owner Demographics
Race / Ethnicity: Unreported
Veteran Status: UnreportedCongressional District: NJ-10
Similar Companies near Newark
In the Newark area, 28 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 19) and received an average PPP loan of $334,780 (compared to this company's $88,100).
Similar Nearby Businesses Who Received PPP Funding:
Society For The Propagation Of The Faith
Abyssinian Baptist Church
Fountain Of Salvation Christian Church-N
Liberating Word Ministries
St Lucy Catholic Church
Christ Temple Church Ministries, Inc
Jehovah Jireh Praise & Worship
Grace Church In Newark
Bethel Assembly Of God Inc
Industry PPP Comparison Statistics
Nationwide, 90,482 businesses in the "Religious Organizations" industry received a total of $7,309,297,472.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 42% lower than The New Hope Baptist Church's reported 19 employees, and received an average PPP loan of $80,782, 8% lower than this company's loan of $88,100.
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.
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.
Have FederalPay.org's open data tools been valuable? Consider donating!