PPP Loan Data — Forest Manor Care Center Inc, Glen Cove, NY
Forest Manor Care Center Inc
Location: Glen Cove, NYTweet This • Search All PPP Data
Forest Manor Care Center Inc is a corporation located at 6 Medical Plaza in Glen Cove, New York that received a Coronavirus-related PPP loan from the SBA of $2,515,100.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Manufacturers and Traders Trust Company
Forest Manor Care Center Inc in Glen Cove, NY received a Paycheck Protection Loan of $2.52M through Manufacturers and Traders Trust Company, which was approved in April, 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, Forest Manor Care Center Inc's 2019 payroll expenses are estimated to be at least $12.07M.
Based on their reported 198 jobs retained, this equals an estimated average yearly compensation of $60,972 per employee1
Reported PPP Proceed Usage:
On the PPP application, Forest Manor Care Center Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,916,100
- Utilities: $220,000
- Health Care: $379,000
Business Information - Forest Manor Care Center Inc in Glen Cove, NY
6 Medical Plaza
Glen Cove, NY 11542
Nursing Care Facilities (Skilled Nursing Facilities)
NAICS code 623110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Glen Cove
In the Glen Cove area, 2 businesses in the "Nursing Care Facilities (Skilled Nursing Facilities)" industry received a PPP loan. These local businesses reported an average of 130 employees (compared to this company's 198) and received an average PPP loan of $1,489,226 (compared to this company's $2.52M).
Similar Nearby Businesses Who Received PPP Funding:
National Healthplex, Inc
Glen Cove, NY
Industry PPP Comparison Statistics
Nationwide, 15,360 businesses in the "Nursing Care Facilities (Skilled Nursing Facilities)" industry received a total of $6.8B 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 60 employees, 70% lower than Forest Manor Care Center Inc's reported 198 employees, and received an average PPP loan of $442,944, 82% lower than this company's loan of $2.52M.
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Footnotes & Information
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