PPP Loan Data — Innovative Life Solutions, Inc., Silver Spring, MD
Innovative Life Solutions, Inc.
Entity: Subchapter S Corporation
Location: Silver Spring, MDTweet This • Search All PPP Data
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
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.
Business Information - Innovative Life Solutions, Inc. in Silver Spring, MD
8484 Georgia Ave.
Silver Spring, MD 20910
Residential Intellectual and Developmental Disability Facilities (NAICS code 623210)
Business Owner Demographics
Race / Ethnicity: BLACK OR AFRICAN AMERICAN
Gender: MALE OWNED
Veteran Status: NON-VETERANCongressional 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
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.
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