PPP Loan Data — Bright Side Counseling LLC, Lexington, SC
Bright Side Counseling LLC
Entity: Limited Liability Company (LLC)
Location: Lexington, SCTweet This • Search All PPP Data
Bright Side Counseling LLC is a limited liability company (LLC) located at 2437 Mineral Springs Rd in Lexington, South Carolina that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in July, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Cache Valley Bank
Bright Side Counseling LLC in Lexington, SC received a Paycheck Protection Loan of $25,000 through Cache Valley Bank, which was approved in July, 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
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, Bright Side Counseling LLC's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 7 jobs retained, this equals an estimated average yearly compensation of $17,143 per employee1
Reported PPP Proceed Usage:
On the PPP application, Bright Side Counseling LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Bright Side Counseling LLC in Lexington, SC
2437 Mineral Springs Rd
Lexington, SC 29072
Outpatient Mental Health and Substance Abuse Centers
NAICS code 621420
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Lexington
In the Lexington area, 5 businesses in the "Outpatient Mental Health and Substance Abuse Centers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 7) and received an average PPP loan of $12,586 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Industry PPP Comparison Statistics
Nationwide, 11,274 businesses in the "Outpatient Mental Health and Substance Abuse Centers" industry received a total of $1.83B 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 18 employees, 157% higher than Bright Side Counseling LLC's reported 7 employees, and received an average PPP loan of $162,367, 549% higher than this company's loan of $25,000.
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