PPP Loan Data — Advanced Medical Management Inc, Essex, MD

Advanced Medical Management Inc

Entity: Corporation

Industry: Offices of Physicians (except Mental Health Specialists)

Location: Essex, MD

Advanced Medical Management Inc is a corporation located at 901 Eastern Blvd Suite 101 in Essex, Maryland that received a Coronavirus-related PPP loan from the SBA of $3,281,600.00 in April, 2020.

$ PPP Loan Information
Loan #4548687003

Loan Size:

$3.28M

Jobs Retained:

320

Loan Approved:

2020-04-03

Loan Status:

Paid in Full or Forgiven

Lender:

Orrstown Bank

Advanced Medical Management Inc in Essex, MD received a Paycheck Protection Loan of $3.28M through Orrstown 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 July, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Advanced Medical Management Inc's 2019 payroll expenses are estimated to be at least $15.75M.

Based on their reported 320 jobs retained, this equals an estimated average yearly compensation of $49,224 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Advanced Medical Management Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $3,281,600

Because the loan received by Advanced Medical Management Inc 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 - Advanced Medical Management Inc in Essex, MD

Advanced Medical Management Inc
901 Eastern Blvd Suite 101
Essex, MD 21221

Business Industry:
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: Y

HUBZone: Y

Rural / Urban: Urban

Baltimore County, MD — SBA Office 0373 — Congressional District: MD-02

Similar Companies near Essex

In the Essex area, 24 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 17 employees (compared to this company's 320) and received an average PPP loan of $172,936 (compared to this company's $3.28M).

Similar Nearby Businesses Who Received PPP Funding:

Angella Ingabire
Dundalk, MD

$20,590 PPP Loan

Conversion Health System, LLC
Dundalk, MD

$62,500 PPP Loan

Gloria Nzenwa
Essex, MD

$8,365 PPP Loan

Endoscopy Center Of Essex
Baltimore, MD

$2,500 PPP Loan

Naresh K Khanna
Baltimore, MD

$12,396 PPP Loan

Health MD LLC
Middle River, MD

$78,172 PPP Loan

Myron Slobogean
Dundalk, MD

$12,783 PPP Loan

Mace Medical LLC
Essex, MD

$227,800 PPP Loan

Savinder Julka
Dundalk, MD

$13,485 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 176,348 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.04B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 3% of the total PPP funding allocated.

PPP recipients in this industry report an average of 11 employees, 97% lower than Advanced Medical Management Inc's reported 320 employees, and received an average PPP loan of $119,282, 96% lower than this company's loan of $3.28M.

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.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. 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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