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PPP Loan Data — Care Ventures Inc,
Cumberland, MD
Care Ventures Inc
Entity: Subchapter S Corporation
Industry: Offices of Other Holding Companies
Location: Cumberland, MD
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Care Ventures Inc is a subchapter s corporation located at 157 Baltimore St in Cumberland, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.
$
PPP Loan Information
Loan #2771008510
Loan Size:
Jobs Retained:
201Loan Approved:
2021-02-22Loan Status:
Paid in Full or ForgivenLender:
Manufacturers and Traders Trust CompanyCare Ventures Inc in Cumberland, MD received a Paycheck Protection Loan of $2M through Manufacturers and Traders Trust Company, which was approved in February, 2021.
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, 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 MoreUnderstanding 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 MoreBased 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, Care Ventures Inc's 2019 payroll expenses are estimated to be at least $9.6M.
Based on their reported 201 jobs retained, this equals an estimated average yearly compensation of $47,761 per employee1
Reported PPP Proceed Usage:
On the PPP application, Care Ventures Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,999,999
Business Information - Care Ventures Inc in Cumberland, MD
157 Baltimore St
Cumberland, MD 21502
Business Industry:
Offices of Other Holding Companies
NAICS code 551112
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: Y
Rural / Urban: Urban
Businesses Using Same Address:
There are 2 other businesses that received a PPP loan registered to the same address as Care Ventures Inc.
New Creamery LLC
Full-Service Restaurants
Novus Pain Management LLC
Offices of Physicians (except Mental Health Specialists)
Industry PPP Comparison Statistics
Nationwide, 12,394 businesses in the "Offices of Other Holding Companies" industry received a total of $1.55B 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 13 employees, 94% lower than Care Ventures Inc's reported 201 employees, and received an average PPP loan of $125,373, 94% lower than this company's loan of $2M.
Care Ventures Inc
Entity: Subchapter S Corporation
Industry: Administrative Management and General Management Consulting Services
Location: Cumberland, MD
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Care Ventures Inc is a subchapter s corporation located at 157 Baltimore Avenue in Cumberland, Maryland that received a Coronavirus-related PPP loan from the SBA of $5,365,600.00 in April, 2020.
$
PPP Loan Information
Loan #8833017107
Loan Size:
Jobs Retained:
408Loan Approved:
2020-04-15Loan Status:
Paid in Full or ForgivenLender:
Manufacturers and Traders Trust CompanyCare Ventures Inc in Cumberland, MD received a Paycheck Protection Loan of $5.37M through Manufacturers and Traders Trust Company, 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 August, 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 MoreUnderstanding 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 MoreBased 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, Care Ventures Inc's 2019 payroll expenses are estimated to be at least $25.75M.
Based on their reported 408 jobs retained, this equals an estimated average yearly compensation of $63,125 per employee1
Reported PPP Proceed Usage:
On the PPP application, Care Ventures Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $5,309,500
- Utilities: $1,100
- Rent: $55,000
Business Information - Care Ventures Inc in Cumberland, MD
157 Baltimore Avenue
Cumberland, MD 21502
Business Industry:
Administrative Management and General Management Consulting Services
NAICS code 541611
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Unreported
Veteran Status: Unreported
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Cumberland
In the Cumberland area, 6 businesses in the "Administrative Management and General Management Consulting Services" industry received a PPP loan. These local businesses reported an average of 73 employees (compared to this company's 408) and received an average PPP loan of $935,209 (compared to this company's $5.37M).
Similar Nearby Businesses Who Received PPP Funding:
Safety Concern Inc
Lavale, MD
Stacey Lerner
Cumberland, MD
Foreman Financial Group
Cumberland, MD
Allegany Business Consulting Inc
Cumberland, MD
Industry PPP Comparison Statistics
Nationwide, 92,427 businesses in the "Administrative Management and General Management Consulting Services" industry received a total of $5.44B 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, 99% lower than Care Ventures Inc's reported 408 employees, and received an average PPP loan of $58,835, 99% lower than this company's loan of $5.37M.
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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