PPP Loan Data — The Time 2 Relax, Paramus, NJ
The Time 2 Relax is a limited liability company (LLC) located at 107 South Fairview Avenue in Paramus, New Jersey that received a Coronavirus-related PPP loan from the SBA of $25,235.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least eleven people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
The Time 2 Relax in Paramus, NJ received a Paycheck Protection Loan of $25,235 through Affinity FCU, 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 May, 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, The Time 2 Relax's 2019 payroll expenses are estimated to be at least $121,128.
Based on their reported 11 jobs retained, this equals an estimated average yearly compensation of $11,012 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Time 2 Relax reported intending to use the proceeds of their PPP loan for the following expenses:
- Utilities: $25,235
Business Information - The Time 2 Relax in Paramus, NJ
107 South Fairview Avenue
Paramus, NJ 7652
All Other Traveler Accommodation
NAICS code 721199
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Paramus
In the Paramus area, 3 businesses in the "All Other Traveler Accommodation" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 11) and received an average PPP loan of $21,691 (compared to this company's $25,235).
Similar Nearby Businesses Who Received PPP Funding:
Dr Catering LLC
William A Lombardo
Industry PPP Comparison Statistics
Nationwide, 30,922 businesses in the "All Other Traveler Accommodation" industry received a total of $1.29B 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 6 employees, 45% lower than The Time 2 Relax's reported 11 employees, and received an average PPP loan of $41,836, 66% higher than this company's loan of $25,235.
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Footnotes & Information
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