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PPP Loan Data — Benefits Science LLC, The Woodlands, TX

SBA PPP loan data, payroll data, and salaries for Benefits Science LLC
TX

Benefits Science LLC

Entity: Limited Liability Company (LLC)

Industry: All Other Insurance Related Activities

Location: The Woodlands, TX

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Benefits Science LLC is a limited liability company (LLC) located at 2219 Sawdust Rd, Ste 1001 in The Woodlands, Texas that received a Coronavirus-related PPP loan from the SBA of $1,138,200.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 57 people during the applicable loan loan period.

$ PPP Loan Information Loan #7552207006

Loan Size:

$1.14M

Jobs Retained:

57

Loan Approved:

2020-04-07

Loan Status:

Paid in Full or Forgiven

Lender:

Woodforest National Bank

Benefits Science LLC in The Woodlands, TX received a Paycheck Protection Loan of $1.14M through Woodforest National 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 December, 2020.

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.

Read More
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.

Read More

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, Benefits Science LLC's 2019 payroll expenses are estimated to be at least $5.46M.

Based on their reported 57 jobs retained, this equals an estimated average yearly compensation of $95,848 per employee1

Reported PPP Proceed Usage:

On the PPP application, Benefits Science LLC reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,138,200

Business Information - Benefits Science LLC in The Woodlands, TX

Benefits Science LLC
2219 Sawdust Rd, Ste 1001
The Woodlands, TX 77380

Business Industry:
All Other Insurance Related Activities
NAICS code 524298

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: Startup, Loan Funds will Open Business

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Montgomery County, TX — SBA Office 0671 — Congressional District: TX-08

Similar Companies near The Woodlands

In the The Woodlands area, 10 businesses in the "All Other Insurance Related Activities" industry received a PPP loan. These local businesses reported an average of 10 employees (compared to this company's 57) and received an average PPP loan of $171,752 (compared to this company's $1.14M).

Industry PPP Comparison Statistics

Nationwide, 9,386 businesses in the "All Other Insurance Related Activities" industry received a total of $486,985,807.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 5 employees, 91% lower than Benefits Science LLC's reported 57 employees, and received an average PPP loan of $51,884, 95% lower than this company's loan of $1.14M.

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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Source: www.federalpay.org/paycheck-protection-program/benefits-science-llc-the-woodlands-tx