PPP Loan Data — Community Multi Services Inc, Silver Spring, MD
Community Multi Services Inc
Entity: Non-profit Organization
Location: Silver Spring, MDTweet This • Search All PPP Data
Community Multi Services Inc is a non-profit organization located at 8401 Colesville Road in Silver Spring, Maryland that received a Coronavirus-related PPP loan from the SBA of $1,893,540.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Atlantic Union Bank
Community Multi Services Inc in Silver Spring, MD received a Paycheck Protection Loan of $1.89M through Atlantic Union Bank, 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.
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, Community Multi Services Inc's 2019 payroll expenses are estimated to be at least $9.09M.
Based on their reported 240 jobs retained, this equals an estimated average yearly compensation of $37,871 per employee1
Reported PPP Proceed Usage:
On the PPP application, Community Multi Services Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,893,540
Business Information - Community Multi Services Inc in Silver Spring, MD
8401 Colesville Road
Silver Spring, MD 20910
Residential Intellectual and Developmental Disability Facilities
NAICS code 623210
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Silver Spring
In the Silver Spring area, 2 businesses in the "Residential Intellectual and Developmental Disability Facilities" industry received a PPP loan. These local businesses reported an average of 334 employees (compared to this company's 240) and received an average PPP loan of $2,376,960 (compared to this company's $1.89M).
Similar Nearby Businesses Who Received PPP Funding:
Innovative Life Solutions, Inc
Silver Spring, MD
Industry PPP Comparison Statistics
Nationwide, 3,014 businesses in the "Residential Intellectual and Developmental Disability Facilities" industry received a total of $1.28B 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 58 employees, 76% lower than Community Multi Services Inc's reported 240 employees, and received an average PPP loan of $424,200, 78% lower than this company's loan of $1.89M.
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