PPP Loan Data — Ernest L Chang PA, Melbourne, FL
Ernest L Chang PA is a subchapter s corporation located at 6767 N Wickham Rd in Melbourne, Florida that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:PNC Bank, National Association
Ernest L Chang PA in Melbourne, FL received a Paycheck Protection Loan of $25,000 through PNC Bank, National Association, which was approved in May, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. 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
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, Ernest L Chang PA's 2019 payroll expenses are estimated to be at least $120,000 (not accounting for salary amounts > $100k).
Because the 1 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, Ernest L Chang PA reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Ernest L Chang PA in Melbourne, FL
6767 N Wickham Rd
Melbourne, FL 32940
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Melbourne
In the Melbourne area, 40 businesses in the "Offices of Lawyers" 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 $29,843 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Manning Law Firm, PLLC
Jeffrey G. Thompson PA
Albert & Donnelly, LLC
Michelle Stein Spira, ESQ. PA
Daley & Associates Pl
The Singer Firm PA
Law Offices Of Michael Sapourn, LLC
Sinclair Law Offices
Industry PPP Comparison Statistics
Nationwide, 200,895 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.
PPP recipients in this industry report an average of 6 employees, 500% higher than Ernest L Chang PA's reported 1 employees, and received an average PPP loan of $81,518, 226% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
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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