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PPP Loan Data — Great Healthworks Inc, Fort Lauderdale, FL

SBA PPP loan data, payroll data, and salaries for Great Healthworks Inc
FL

Great Healthworks Inc

Entity: Corporation

Industry: Medicinal and Botanical Manufacturing

Location: Fort Lauderdale, FL

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Great Healthworks Inc is a corporation located at 4150 Sw 28th Way in Fort Lauderdale, Florida that received a Coronavirus-related PPP loan from the SBA of $4,349,600.00 in April, 2020.

The company has reported itself as a male owned business, and employed at least 249 people during the applicable loan loan period.

$ PPP Loan Information
Loan #5578647008

Loan Size:

$4.35M

Jobs Retained:

249

Loan Approved:

2020-04-05

Loan Status:

Ongoing Loan

Lender:

BankUnited, National Association

Great Healthworks Inc in Fort Lauderdale, FL received a Paycheck Protection Loan of $4.35M through BankUnited, National Association, which was approved in April, 2020.

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 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, Great Healthworks Inc's 2019 payroll expenses are estimated to be at least $20.88M.

Based on their reported 249 jobs retained, this equals an estimated average yearly compensation of $83,848 per employee1

Reported PPP Proceed Usage:

On the PPP application, Great Healthworks Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $4,349,600
Because the loan received by Great Healthworks Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Great Healthworks Inc in Fort Lauderdale, FL

Great Healthworks Inc
4150 Sw 28th Way
Fort Lauderdale, FL 33312

Business Industry:
Medicinal and Botanical Manufacturing
NAICS code 325411

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Male Owned

Veteran Status: Unreported

Business Demographics

Business Age: New Business or 2 years or less

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Broward County, FL — SBA Office 0455 — Congressional District: FL-23

Similar Companies near Fort Lauderdale

In the Fort Lauderdale area, 2 businesses in the "Medicinal and Botanical Manufacturing" industry received a PPP loan. These local businesses reported an average of 127 employees (compared to this company's 249) and received an average PPP loan of $2,204,904 (compared to this company's $4.35M).

Similar Nearby Businesses Who Received PPP Funding:

Tamazin Essentialz /Tamernesh Jarrett
Fort Lauderdale, FL

$60,208 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 891 businesses in the "Medicinal and Botanical Manufacturing" industry received a total of $182.67M 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 20 employees, 92% lower than Great Healthworks Inc's reported 249 employees, and received an average PPP loan of $205,022, 95% lower than this company's loan of $4.35M.

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.

Search FederalPay's Full PPP Loan Database

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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** This Document Provided By www.FederalPay.org - The Civil Employee's Resource **
Source: www.federalpay.org/paycheck-protection-program/great-healthworks-inc-fort-lauderdale-fl