PPP Loan Data — The Vmc Group Holding Corp, Bloomingdale, NJ
The Vmc Group Holding Corp is a corporation located at 113 Main Street in Bloomingdale, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,419,200.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 168 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:East West Bank
The Vmc Group Holding Corp in Bloomingdale, NJ received a Paycheck Protection Loan of $2.42M through East West Bank, which was approved in April, 2020.
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
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 Vmc Group Holding Corp's 2019 payroll expenses are estimated to be at least $11.61M.
Based on their reported 168 jobs retained, this equals an estimated average yearly compensation of $69,120 per employee1
Reported PPP Proceed Usage:
On the PPP application, The Vmc Group Holding Corp reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,419,200
Business Information - The Vmc Group Holding Corp in Bloomingdale, NJ
113 Main Street
Bloomingdale, NJ 7403
All Other Rubber Product Manufacturing
NAICS code 326299
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
Nationwide, 810 businesses in the "All Other Rubber Product Manufacturing" industry received a total of $226.81M 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 26 employees, 85% lower than The Vmc Group Holding Corp's reported 168 employees, and received an average PPP loan of $280,012, 88% lower than this company's loan of $2.42M.
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Footnotes & Information
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