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PPP Loan Data — Innovative Life Solutions, Inc., Silver Spring, MD

SBA PPP loan data, payroll data, and salaries for Innovative Life Solutions, Inc.
MD

Innovative Life Solutions, Inc.

Entity: Subchapter S Corporation

Industry: Residential Intellectual and Developmental Disability Facilities

Location: Silver Spring, MD

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Innovative Life Solutions, Inc. is a subchapter s corporation located at 8484 Georgia Ave. in Silver Spring, Maryland that received a Coronavirus-related PPP loan from the SBA of $2,860,380.00 in April, 2020.

The company has reported itself as a Black or african american male owned business, and employed at least 428 people during the applicable loan loan period.

$ PPP Loan Information

Loan Size:

$2.86M

Jobs Retained:

428

Loan Approved:

2020-04-07

Lender:

SANDY SPRING BANK

Innovative Life Solutions, Inc. in Silver Spring, MD received a Paycheck Protection Loan of $2.86M through SANDY SPRING BANK, which was approved in April, 2020.

Based on standard PPP eligibility rules, Innovative Life Solutions, Inc.'s total 2019 payroll expenses were approximately $13.73M in order to qualify for the PPP loan amount received.

Based on their reported 428 jobs retained, this equals an estimated average yearly compensation of $32,079 per employee1.

Because the loan received by Innovative Life Solutions, 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 - Innovative Life Solutions, Inc. in Silver Spring, MD

Innovative Life Solutions, Inc.
8484 Georgia Ave.
Silver Spring, MD 20910

Business Industry

Residential Intellectual and Developmental Disability Facilities (NAICS code 623210)

Business Owner Demographics

Race / Ethnicity: BLACK OR AFRICAN AMERICAN

Gender: MALE OWNED

Veteran Status: NON-VETERAN

Congressional District: MD-08

Similar Companies near Silver Spring

In the Silver Spring area, 2 businesses in the "Residential Intellectual and Developmental Disability Facilities" industry received a PPP loan. These local businesses reported an average of 334 employees (compared to this company's 428) and received an average PPP loan of $2,376,960 (compared to this company's $2.86M).

Similar Nearby Businesses Who Received PPP Funding:

Community Multi Services Inc
Silver Spring, MD

$1.89M PPP Loan

Industry PPP Comparison Statistics

Nationwide, 1,775 businesses in the "Residential Intellectual and Developmental Disability Facilities" industry received a total of $836,841,517.00 in PPP loans. These businesses account for 0% of total PPP applications submitted, and received 0% of the total PPP funding allocated.

PPP recipients in this industry report an average of 61 employees, 86% lower than Innovative Life Solutions, Inc.'s reported 428 employees, and received an average PPP loan of $471,460, 84% lower than this company's loan of $2.86M.

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, and is published unmodified, as provided by the SBA.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. 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/innovative-life-solutions-inc-silver-spring-md