Cardone Training Technologies, Inc is a subchapter s corporation located at 18909 Ne 29th Avenue in Miami, Florida that received a Coronavirus-related PPP loan from the SBA of $2,759,500.00 in April, 2020.

$ PPP Loan Information

Loan #5566357007

Cardone Training Technologies, Inc in Miami, FL received a Paycheck Protection Loan of $2.76M through City National Bank of Florida, 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.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 107 jobs reported as retained on the PPP application³. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 132. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

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, Cardone Training Technologies, Inc's 2019 payroll expenses are estimated to be at least $13.25M (not accounting for salary amounts > $100k).

Because the 107 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Cardone Training Technologies, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $2,069,625
• Utilities: $689,875

Business Information - Cardone Training Technologies, Inc in Miami, FL

Similar Companies near Miami

In the Miami area, 75 businesses in the "Administrative Management and General Management Consulting Services" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 107) and received an average PPP loan of $66,203 (compared to this company's $2.76M).

Industry PPP Comparison Statistics

Nationwide, 92,568 businesses in the "Administrative Management and General Management Consulting Services" industry received a total of $5.46B 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 5 employees, 95% lower than Cardone Training Technologies, Inc's reported 107 employees, and received an average PPP loan of $58,946, 98% lower than this company's loan of $2.76M.