PPP Loan Data — Waytodough Inc, Totowa, NJ
Waytodough Inc is a corporation located at 360 Us Highway 46 Ste 1 in Totowa, New Jersey that received a Coronavirus-related PPP loan from the SBA of $2,126,172.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
Waytodough Inc in Totowa, NJ received a Paycheck Protection Loan of $2.13M through Bank of America, National Association, which was approved in May, 2020.
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, Waytodough Inc's 2019 payroll expenses are estimated to be at least $10.21M.
Based on their reported 458 jobs retained, this equals an estimated average yearly compensation of $22,283 per employee1
Reported PPP Proceed Usage:
On the PPP application, Waytodough Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,126,172
Business Information - Waytodough Inc in Totowa, NJ
360 Us Highway 46 Ste 1
Totowa, NJ 7512
Office Administrative Services
NAICS code 561110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Totowa
In the Totowa area, 5 businesses in the "Office Administrative Services" industry received a PPP loan. These local businesses reported an average of 94 employees (compared to this company's 458) and received an average PPP loan of $455,539 (compared to this company's $2.13M).
Similar Nearby Businesses Who Received PPP Funding:
Valley Oral & Maxillofacial Surgery, PA
Accumed Billing Solutions
Xaccel Telcom LLC
Back Office Pro LLC
Industry PPP Comparison Statistics
Nationwide, 44,947 businesses in the "Office Administrative Services" industry received a total of $2.36B 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, 99% lower than Waytodough Inc's reported 458 employees, and received an average PPP loan of $52,468, 98% lower than this company's loan of $2.13M.
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Footnotes & Information
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