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PPP Loan Data — Contemporary Medical Services PC,
Islip, NY
Contemporary Medical Services PC
Entity: Corporation
Industry: Offices of Physicians (except Mental Health Specialists)
Location: Islip, NY
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Contemporary Medical Services PC is a corporation located at 265 Main St in Islip, New York that received a Coronavirus-related PPP loan from the SBA of $195,095.00 in January, 2021.
$
PPP Loan Information
Loan #6021708300
Loan Size:
Jobs Retained:
27Loan Approved:
2021-01-26Loan Status:
Ongoing LoanLender:
People's United Bank, National AssociationContemporary Medical Services PC in Islip, NY received a Paycheck Protection Loan of $195,095 through People's United Bank, National Association, which was approved in January, 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.
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, Contemporary Medical Services PC's 2019 payroll expenses are estimated to be at least $936,456.
Based on their reported 27 jobs retained, this equals an estimated average yearly compensation of $34,684 per employee1
Reported PPP Proceed Usage:
On the PPP application, Contemporary Medical Services PC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $195,089
- Utilities: $1
Business Information - Contemporary Medical Services PC in Islip, NY
265 Main St
Islip, NY 11751
Business Industry:
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
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 Islip
In the Islip area, 15 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 27) and received an average PPP loan of $227,205 (compared to this company's $195,095).
Similar Nearby Businesses Who Received PPP Funding:
William E Mccormick MD PC
Islip, NY
Mzserina Holistic Solutions Inc
Islip Terrace, NY
Island Medical Services, PC
Islip, NY
Harvey J Miller MD
Islip, NY
Harvey Miller
Islip, NY
Islip Pediatrics PC
Islip, NY
Patricia Gallo
Islip Terrace, NY
South Bay Physial Therapy And Sports RE
Islip, NY
Industry PPP Comparison Statistics
Nationwide, 174,679 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $20.96B 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, 59% lower than Contemporary Medical Services PC's reported 27 employees, and received an average PPP loan of $119,974, 39% lower than this company's loan of $195,095.
Contemporary Medical Services PC
Entity: Corporation
Industry: Offices of Physicians (except Mental Health Specialists)
Location: Islip, NY
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•
Search All PPP Data
Contemporary Medical Services PC is a corporation located at 265 Main St in Islip, New York that received a Coronavirus-related PPP loan from the SBA of $196,600.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least 27 people during the applicable loan loan period.
$
PPP Loan Information
Loan #7251677003
Loan Size:
Jobs Retained:
27Loan Approved:
2020-04-07Loan Status:
Paid in Full or ForgivenLender:
People's United Bank, National AssociationContemporary Medical Services PC in Islip, NY received a Paycheck Protection Loan of $196,600 through People's United Bank, 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 March, 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, Contemporary Medical Services PC's 2019 payroll expenses are estimated to be at least $943,680.
Based on their reported 27 jobs retained, this equals an estimated average yearly compensation of $34,951 per employee1
Reported PPP Proceed Usage:
On the PPP application, Contemporary Medical Services PC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $196,600
Business Information - Contemporary Medical Services PC in Islip, NY
265 Main St
Islip, NY 11751
Business Industry:
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Race: Unreported
Ethnicity: Unreported
Gender: Male Owned
Veteran Status: Non-Veteran
Business Demographics
Business Age: Existing or more than 2 years old
LMI Zone: N
HUBZone: N
Rural / Urban: Urban
Similar Companies near Islip
In the Islip area, 15 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 21 employees (compared to this company's 27) and received an average PPP loan of $227,205 (compared to this company's $196,600).
Similar Nearby Businesses Who Received PPP Funding:
William E Mccormick MD PC
Islip, NY
Mzserina Holistic Solutions Inc
Islip Terrace, NY
Island Medical Services, PC
Islip, NY
Harvey J Miller MD
Islip, NY
Harvey Miller
Islip, NY
Islip Pediatrics PC
Islip, NY
Patricia Gallo
Islip Terrace, NY
South Bay Physial Therapy And Sports RE
Islip, NY
Industry PPP Comparison Statistics
Nationwide, 174,679 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $20.96B 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, 59% lower than Contemporary Medical Services PC's reported 27 employees, and received an average PPP loan of $119,974, 39% lower than this company's loan of $196,600.
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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