PPP Loan Data — Buffalo Medical Group, PC, Buffalo, NY
Buffalo Medical Group, PC
Location: Buffalo, NYTweet This • Search All PPP Data
Buffalo Medical Group, PC is a corporation located at 325 Essjay Road in Buffalo, New York that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.
The company has reported itself as a female owned business, and employed at least 500 people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:KeyBank National Association
Buffalo Medical Group, PC in Buffalo, NY received a Paycheck Protection Loan of $10M through KeyBank National Association, 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 September, 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, Buffalo Medical Group, PC's 2019 payroll expenses are estimated to be at least $48M.
Based on their reported 500 jobs retained, this equals an estimated average yearly compensation of $96,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, Buffalo Medical Group, PC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $10,000,000
Business Information - Buffalo Medical Group, PC in Buffalo, NY
325 Essjay Road
Buffalo, NY 14221
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Ethnicity: Not Hispanic or Latino
Gender: Female Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Buffalo
In the Buffalo area, 148 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 23 employees (compared to this company's 500) and received an average PPP loan of $285,199 (compared to this company's $10M).
Similar Nearby Businesses Who Received PPP Funding:
Anesthesiology Medical Consultants PLLC
Twenty 20 Eyecare And Aesthetic Oculoplastic Medicine, PLLC
Buffalo Pediatric Associates LLP
Helen Nazareth, PLLC
Pediatric And Adolescent Urgent Care Of Western New York Pll
Primary Care Western New York
Ophthalmology Associates Of Wny PC
Hair Restoration& Aesthetics Of Buffalo
Kulwant Singh Bhangoo, MD., PC
Industry PPP Comparison Statistics
Nationwide, 176,421 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.05B 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, 98% lower than Buffalo Medical Group, PC's reported 500 employees, and received an average PPP loan of $119,312, 99% lower than this company's loan of $10M.
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.
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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