PPP Loan Data — The Second Baptist Church Of Rahway, New Jersey, Rahway, NJ
The Second Baptist Church Of Rahway, New Jersey is a non-profit organization located at 378 E Milton Ave in Rahway, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,200.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
The Second Baptist Church Of Rahway, New Jersey in Rahway, NJ received a Paycheck Protection Loan of $25,200 through RSI Bank, which was approved in April, 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, The Second Baptist Church Of Rahway, New Jersey's 2019 payroll expenses are estimated to be at least $120,960.
Based on their reported 14 jobs retained, this equals an estimated average yearly compensation of $8,640 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Second Baptist Church Of Rahway, New Jersey reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,200
Business Information - The Second Baptist Church Of Rahway, New Jersey in Rahway, NJ
378 E Milton Ave
Rahway, NJ 7065
NAICS code 813110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Rahway
In the Rahway area, 22 businesses in the "Religious Organizations" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 14) and received an average PPP loan of $103,402 (compared to this company's $25,200).
Similar Nearby Businesses Who Received PPP Funding:
Oasis Church Inc
Rahway Trinity United Methodist Church
Oasis Christian Centre
Word Of Life Apostolic Center, Inc
Mesorah Heritage Foundation
First Presbyterian Church Of Rahway
Saint Anthony Of Padua
Port Reading, NJ
ST. Mary's Catholic Church
Industry PPP Comparison Statistics
Nationwide, 123,083 businesses in the "Religious Organizations" industry received a total of $9.27B in PPP loans. These businesses account for 1% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 12 employees, 14% lower than The Second Baptist Church Of Rahway, New Jersey's reported 14 employees, and received an average PPP loan of $75,298, 199% higher than this company's loan of $25,200.
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Footnotes & Information
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