PPP Loan Data — Boyd & Boyd PA, Melbourne, FL
Boyd & Boyd PA is a subchapter s corporation located at 360 N. Babcock St Ste 104 in Melbourne, Florida that received a Coronavirus-related PPP loan from the SBA of $24,904.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least two people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Boyd & Boyd PA in Melbourne, FL received a Paycheck Protection Loan of $24,904 through Sunrise 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 March, 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.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, Boyd & Boyd PA's 2019 payroll expenses are estimated to be at least $119,539.
Based on their reported 2 jobs retained, this equals an estimated average yearly compensation of $59,770 per employee1
Reported PPP Proceed Usage:
On the PPP application, Boyd & Boyd PA reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $21,384
- Rent: $3,520
Business Information - Boyd & Boyd PA in Melbourne, FL
360 N. Babcock St Ste 104
Melbourne, FL 32935
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Melbourne
In the Melbourne area, 56 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 4 employees (compared to this company's 2) and received an average PPP loan of $41,000 (compared to this company's $24,904).
Similar Nearby Businesses Who Received PPP Funding:
Rhodes Law, PA
Charpentier Law Firm PA
Robert C Gray PA
The Slonim Law Firm
Law Offices Of Geoffrey P. Golub, P. A
John L Polsinell LLC
Joan Berry Nassar, PA
Michael Kahn, PA
Nance Cacciatore Hamilton Barger Nance
Industry PPP Comparison Statistics
Nationwide, 200,895 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 200% higher than Boyd & Boyd PA's reported 2 employees, and received an average PPP loan of $81,518, 227% higher than this company's loan of $24,904.
FederalPay's PPP Information Policy
Footnotes & Information
Have FederalPay.org's open data tools been valuable? Consider donating!