PPP Loan Data — Universal Technologies And Solutions, Burlington, NJ
Universal Technologies And Solutions is a subchapter s corporation located at 7 Hale Rd in Burlington, New Jersey that received a Coronavirus-related PPP loan from the SBA of $46,300.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
Universal Technologies And Solutions in Burlington, NJ received a Paycheck Protection Loan of $46,300 through PNC Bank, National Association, which was approved in May, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 2. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
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, Universal Technologies And Solutions' 2019 payroll expenses are estimated to be at least $222,240 (not accounting for salary amounts > $100k).
Because the 2 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.
Reported PPP Proceed Usage:
On the PPP application, Universal Technologies And Solutions reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,300
Business Information - Universal Technologies And Solutions in Burlington, NJ
7 Hale Rd
Burlington, NJ 8016
Motion Picture and Video Production
NAICS code 512110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Burlington
In the Burlington area, 4 businesses in the "Motion Picture and Video Production" industry received a PPP loan. These local businesses reported an average of 1 employees (compared to this company's 2) and received an average PPP loan of $17,284 (compared to this company's $46,300).
Similar Nearby Businesses Who Received PPP Funding:
Your World Productions Tpk LLC
Burlington Township, NJ
Industry PPP Comparison Statistics
Nationwide, 30,192 businesses in the "Motion Picture and Video Production" industry received a total of $1.32B 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 4 employees, 100% higher than Universal Technologies And Solutions' reported 2 employees, and received an average PPP loan of $43,645, 6% lower than this company's loan of $46,300.
FederalPay's PPP Information Policy
Footnotes & Information
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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