PPP Loan Data — Wayne Tile Co, Wayne, NJ
Wayne Tile Co is a corporation located at 2 Doig Rd in Wayne, New Jersey that received a Coronavirus-related PPP loan from the SBA of $1,584,552.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 123 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Wayne Tile Co in Wayne, NJ received a Paycheck Protection Loan of $1.58M through Columbia Bank, 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 January, 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, Wayne Tile Co's 2019 payroll expenses are estimated to be at least $7.61M.
Based on their reported 123 jobs retained, this equals an estimated average yearly compensation of $61,836 per employee1
Reported PPP Proceed Usage:
On the PPP application, Wayne Tile Co reported intending to use the proceeds of their PPP loan for the following expenses:
- Utilities: $1,584,552
Business Information - Wayne Tile Co in Wayne, NJ
2 Doig Rd
Wayne, NJ 7470
Floor Covering Stores
NAICS code 442210
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Wayne
In the Wayne area, 2 businesses in the "Floor Covering Stores" industry received a PPP loan. These local businesses reported an average of 65 employees (compared to this company's 123) and received an average PPP loan of $837,565 (compared to this company's $1.58M).
Similar Nearby Businesses Who Received PPP Funding:
J & J Gym Floors LLC
Industry PPP Comparison Statistics
Nationwide, 8,871 businesses in the "Floor Covering Stores" industry received a total of $765.8M 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 9 employees, 93% lower than Wayne Tile Co's reported 123 employees, and received an average PPP loan of $86,327, 95% lower than this company's loan of $1.58M.
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Footnotes & Information
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