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PPP Loan Data — Carel Creative, Silver Spring, MD

ALERT: There are 2 PPP loans for a total of $88,095 in our database for businesses with the name "Carel Creative" in Silver Spring, MD. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Carel Creative
MD

Carel Creative

Entity: Sole Proprietorship

Industry: Graphic Design Services

Location: Silver Spring, MD

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Carel Creative is a sole proprietorship located at 9512 Ament St in Silver Spring, Maryland that received a Coronavirus-related PPP loan from the SBA of $42,130.00 in March, 2021.

The company has reported itself as a female owned business, and employed at least two people during the applicable loan loan period.

$ PPP Loan Information
Loan #1876108703

Loan Size:

$42,130

Jobs Retained:

2

Loan Approved:

2021-03-27

Loan Status:

Ongoing Loan

Lender:

The Freedom Bank of Virginia
Likely Employment Reduction3

Carel Creative in Silver Spring, MD received a Paycheck Protection Loan of $42,130 through The Freedom Bank of Virginia, which was approved in March, 2021.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 2 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 2. 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

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, Carel Creative's 2019 payroll expenses are estimated to be at least $202,224 (not accounting for salary amounts > $100k).

Because the 2 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, Carel Creative reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $42,130

Business Information - Carel Creative in Silver Spring, MD

Carel Creative
9512 Ament St
Silver Spring, MD 20910

Business Industry:
Graphic Design Services
NAICS code 541430

Business Owner Demographics

Race: Unreported

Ethnicity: Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Montgomery County, MD — SBA Office 0353 — Congressional District: MD-08

Similar Companies near Silver Spring

In the Silver Spring area, 14 businesses in the "Graphic Design Services" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 2) and received an average PPP loan of $29,284 (compared to this company's $42,130).

Industry PPP Comparison Statistics

Nationwide, 41,018 businesses in the "Graphic Design Services" industry received a total of $1.08B 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 2 employees, the same amount reported by Carel Creative and received an average PPP loan of $26,275, 38% lower than this company's loan of $42,130.

SBA PPP loan data, payroll data, and salaries for Carel Creative
MD

Carel Creative

Entity: Sole Proprietorship

Industry: Graphic Design Services

Location: Silver Spring, MD

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Carel Creative is a sole proprietorship located in Silver Spring, Maryland that received a Coronavirus-related PPP loan from the SBA of $45,965.00 in April, 2020.

The company has reported itself as a female owned business, and employed at least one person during the applicable loan loan period.

$ PPP Loan Information
Loan #3901047301

Loan Size:

$45,965

Jobs Retained:

1

Loan Approved:

2020-04-29

Loan Status:

Ongoing Loan

Lender:

The Freedom Bank of Virginia
Likely Employment Reduction3

Carel Creative in Silver Spring, MD received a Paycheck Protection Loan of $45,965 through The Freedom Bank of Virginia, which was approved in April, 2020.

This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.

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 1 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 2. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.


PPP Calculation Note: The total PPP loan an eligible business or individual can receive is based on 2.5 times their average monthly 2019 payroll expenses, capped at $100,000 annually per employee.

Reported PPP Proceed Usage:

On the PPP application, Carel Creative reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $45,965

Business Information - Carel Creative in Silver Spring, MD

Carel Creative
Silver Spring, MD
* Full address is redacted to protect the privacy of individuals.

Business Industry:
Graphic Design Services
NAICS code 541430

Business Owner Demographics

Race: Unreported

Ethnicity: Hispanic or Latino

Gender: Female Owned

Veteran Status: Non-Veteran

Business Demographics

Business Age:

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Montgomery County, MD — SBA Office 0353 — Congressional District: MD-08

Similar Companies near Silver Spring

In the Silver Spring area, 14 businesses in the "Graphic Design Services" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 1) and received an average PPP loan of $29,284 (compared to this company's $45,965).

Industry PPP Comparison Statistics

Nationwide, 41,018 businesses in the "Graphic Design Services" industry received a total of $1.08B 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 2 employees, 100% higher than Carel Creative's reported 1 employees, and received an average PPP loan of $26,275, 43% lower than this company's loan of $45,965.

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.

Search FederalPay's Full PPP Loan Database

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.

3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.


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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/carel-creative-silver-spring-md