PPP Loan Data — Crystal Drugs Inc DBA Michael's, Brooklyn, NY
Crystal Drugs Inc DBA Michael's is a subchapter s corporation located at 163 Linden Blvd in Brooklyn, New York that received a Coronavirus-related PPP loan from the SBA of $25,255.00 in June, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Crystal Drugs Inc DBA Michael's in Brooklyn, NY received a Paycheck Protection Loan of $25,255 through JPMorgan Chase Bank, National Association, which was approved in June, 2020.
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, Crystal Drugs Inc DBA Michael's' 2019 payroll expenses are estimated to be at least $121,224.
Based on their reported 3 jobs retained, this equals an estimated average yearly compensation of $40,408 per employee1
Reported PPP Proceed Usage:
On the PPP application, Crystal Drugs Inc DBA Michael's reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $19,755
- Utilities: $1,500
- Rent: $4,000
Business Information - Crystal Drugs Inc DBA Michael's in Brooklyn, NY
163 Linden Blvd
Brooklyn, NY 11226
Pharmacies and Drug Stores
NAICS code 446110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Brooklyn
In the Brooklyn area, 35 businesses in the "Pharmacies and Drug Stores" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 3) and received an average PPP loan of $46,902 (compared to this company's $25,255).
Similar Nearby Businesses Who Received PPP Funding:
Flatbush Pharmacy RX Inc
Careway RX Inc
Green Life Pharmacy Inc
Lincoln Pharma Inc
Maxi-Care Pharmacy Inc
Live Good Pharmacy Inc
Pharmore Drugs Inc
Industry PPP Comparison Statistics
Nationwide, 18,035 businesses in the "Pharmacies and Drug Stores" industry received a total of $1.7B 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 12 employees, 300% higher than Crystal Drugs Inc DBA Michael's' reported 3 employees, and received an average PPP loan of $94,214, 273% higher than this company's loan of $25,255.
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Footnotes & Information
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