PPP Loan Data — Kasowitz Benson Torres LLP, New York, NY

Kasowitz Benson Torres LLP is a partnership located at 1633 Broadway in New York, New York that received a Coronavirus-related PPP loan from the SBA of $10,000,000.00 in April, 2020.

$ PPP Loan Information

Loan #9581937109

Kasowitz Benson Torres LLP in New York, NY received a Paycheck Protection Loan of $10M through Citibank, N.A., 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 September, 2021.

The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 402 jobs reported as retained on the PPP application³. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.

The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 480. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

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, Kasowitz Benson Torres LLP's 2019 payroll expenses are estimated to be at least $48M (not accounting for salary amounts > $100k).

Because the 402 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Kasowitz Benson Torres LLP reported intending to use the proceeds of their PPP loan for the following expenses:

• Payroll: $10,000,000

Business Information - Kasowitz Benson Torres LLP in New York, NY

Similar Companies near New York

In the New York area, 316 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 402) and received an average PPP loan of $202,741 (compared to this company's $10M).

Industry PPP Comparison Statistics

Nationwide, 200,504 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, 99% lower than Kasowitz Benson Torres LLP's reported 402 employees, and received an average PPP loan of $81,670, 99% lower than this company's loan of $10M.