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PPP Loan Data — 551 Flb 1 LLC, Fort Lauderdale, FL

SBA PPP loan data, payroll data, and salaries for 551 Flb 1 LLC
FL

551 Flb 1 LLC

Entity: Limited Liability Company (LLC)

Industry: Unclassified Establishments

Location: Fort Lauderdale, FL

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551 Flb 1 LLC is a limited liability company (LLC) located at 551 Fort Lauderdale Blvd. in Fort Lauderdale, Florida that received a Coronavirus-related PPP loan from the SBA of $2,447,600.00 in April, 2020.

$ PPP Loan Information

Loan Size:

$2.45M

Jobs Retained:

282

Loan Approved:

2020-04-05

Lender:

CITY NATIONAL BANK OF FLORIDA

551 Flb 1 LLC received a Paycheck Protection Loan of $2.45M through CITY NATIONAL BANK OF FLORIDA, which was approved in April, 2020.

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 0.

Based on standard PPP eligibility rules, 551 Flb 1 LLC's total 2019 payroll expenses were approximately $11.75M in order to qualify for the PPP loan amount received.

Based on their reported 282 jobs retained, this equals an estimated average yearly compensation of $41,661 per employee1.

Because the loan received by 551 Flb 1 LLC is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - 551 Flb 1 LLC in Fort Lauderdale, FL

551 Flb 1 LLC
551 Fort Lauderdale Blvd.
Fort Lauderdale, FL 33304

Business Industry

Unclassified Establishments (NAICS code 999990)

Business Owner Demographics

Race / Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Congressional District: FL-22

Similar Companies near Fort Lauderdale

In the Fort Lauderdale area, 39 businesses in the "Unclassified Establishments" industry received a PPP loan. These local businesses reported an average of 13 employees (compared to this company's 282) and received an average PPP loan of $100,191 (compared to this company's $2.45M).

Industry PPP Comparison Statistics

Nationwide, 86,245 businesses in the "Unclassified Establishments" industry received a total of $3,723,225,376.00 in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 6 employees, 98% lower than 551 Flb 1 LLC's reported 282 employees, and received an average PPP loan of $43,170, 98% lower than this company's loan of $2.45M.

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. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

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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.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/551-flb-1-llc-fort-lauderdale-fl