PPP Loan Data — Karam Law Firm, Mcallen, TX
Karam Law Firm is a sole proprietorship located at 1722 Pecan Blvd in Mcallen, Texas that received a Coronavirus-related PPP loan from the SBA of $46,000.00 in April, 2020.
The company has reported itself as a White male owned business, and employed at least four people during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Texas Regional Bank
Karam Law Firm in Mcallen, TX received a Paycheck Protection Loan of $46,000 through Texas Regional Bank, which was approved in April, 2020.
This loan's status is reported by the SBA as "Paid in Full", which includes both loans repaid and those fully forgiven from repayment under PPP guidelines. The loan's status was last updated by the SBA in May, 2021.
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, Karam Law Firm's 2019 payroll expenses are estimated to be at least $220,800.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,200 per employee1
Reported PPP Proceed Usage:
On the PPP application, Karam Law Firm reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $46,000
Business Information - Karam Law Firm in Mcallen, TX
1722 Pecan Blvd
Mcallen, TX 78501
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Ethnicity: Hispanic or Latino
Gender: Male Owned
Veteran Status: Non-Veteran
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Mcallen
In the Mcallen area, 120 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 4) and received an average PPP loan of $56,058 (compared to this company's $46,000).
Similar Nearby Businesses Who Received PPP Funding:
Law Office Of Francisco Martinez Jr PLLC
Quintana Law Firm PLLC
Perez Law Firm, PLLC
Law Office Of Alfred T. Denham
Law Office Of Raul Medina PC
The Degroot Law Firm PLLC
Jody R. Mask, PLLC
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, 50% higher than Karam Law Firm's reported 4 employees, and received an average PPP loan of $81,518, 77% higher than this company's loan of $46,000.
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Footnotes & Information
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