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PPP Loan Data — Trustees Of Newark Academy,
Livingston, NJ
Trustees Of Newark Academy
Entity: Non-profit Organization
Industry: Elementary and Secondary Schools
Location: Livingston, NJ
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Trustees Of Newark Academy is a non-profit organization located at 91 South Orange Avenue in Livingston, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,791,800.00 in April, 2020.
$ PPP Loan Information
Loan Size:
Jobs Retained:
129Loan Approved:
2020-04-15Lender:
CONNECTONE BANKTrustees Of Newark Academy received a Paycheck Protection Loan of $2.79M through CONNECTONE BANK, which was approved in April, 2020.
The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 129 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
2019 Payroll Estimations based On PPP Amount:
Assuming all employees were paid over the $100k eligibility cap, the minimum number of employees this company must have had in 2019 to qualify for the loan range received is 134.
Based on standard PPP eligibility rules, Trustees Of Newark Academy's total 2019 payroll expenses were approximately $13.4M (not accounting for salary amounts > $100k) in order to qualify for the PPP loan amount received.
Because the 129 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Business Information - Trustees Of Newark Academy in Livingston, NJ
91 South Orange Avenue
Livingston, NJ 7039
Business Industry
Elementary and Secondary Schools (NAICS code 611110)
Business Owner Demographics
Race / Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Congressional District: NJ-11Industry PPP Comparison Statistics
Nationwide, 15,362 businesses in the "Elementary and Secondary Schools" industry received a total of $5,824,752,723.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 38 employees, 71% lower than Trustees Of Newark Academy's reported 129 employees, and received an average PPP loan of $379,166, 86% lower than this company's loan of $2.79M.
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.
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.
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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