PPP Loan Data — Erica Smith, Glenolden, PA
Erica Smith is a single member LLC located at 652 Magnolia Ave in Glenolden, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $20,833.00 in May, 2021.
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 Status:Active Un-Disbursed
Lender:Harvest Small Business Finance, LLC
Erica Smith in Glenolden, PA received a Paycheck Protection Loan of $20,833 through Harvest Small Business Finance, LLC, which was approved in May, 2021.
While this loan has been approved by the Small Business Administration, the lender has not reported to the SBA that the loan funds were disbursed to the borrower. According to SBA records, a total of $20,833 in approved PPP funding has not been disbursed. The loan's status was last updated by the SBA in May, 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 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, Erica Smith's 2019 payroll expenses are estimated to be at least $99,998 (not accounting for salary amounts > $100k).
Based on their reported 1 jobs retained, this equals an estimated average yearly compensation of $99,998 (not accounting for salary amounts > $100k) per employee1
Reported PPP Proceed Usage:
On the PPP application, Erica Smith reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $20,833
Business Information - Erica Smith in Glenolden, PA
652 Magnolia Ave
Glenolden, PA 19036
Offices of Real Estate Agents and Brokers
NAICS code 531210
Business Owner Demographics
Gender: Female Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Glenolden
In the Glenolden area, 11 businesses in the "Offices of Real Estate Agents and Brokers" 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 $26,684 (compared to this company's $20,833).
Similar Nearby Businesses Who Received PPP Funding:
Charles Rappa Inc
Margie Frankel RE
Industry PPP Comparison Statistics
Nationwide, 255,794 businesses in the "Offices of Real Estate Agents and Brokers" industry received a total of $5.75B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 1% of the total PPP funding allocated.
PPP recipients in this industry report an average of 2 employees, 100% higher than Erica Smith's reported 1 employees, and received an average PPP loan of $22,469, 8% higher than this company's loan of $20,833.
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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