PPP Loan Data — Kevin J Foley MD PA, Franklin, NC
Kevin J Foley MD PA is a corporation located at 1145 Depot St in Franklin, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:Wells Fargo Bank, National Association
Kevin J Foley MD PA in Franklin, NC received a Paycheck Protection Loan of $25,000 through Wells Fargo Bank, National Association, which was approved in May, 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, Kevin J Foley MD PA's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 9 jobs retained, this equals an estimated average yearly compensation of $13,333 per employee1
Reported PPP Proceed Usage:
On the PPP application, Kevin J Foley MD PA reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Kevin J Foley MD PA in Franklin, NC
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Industry PPP Comparison Statistics
PPP recipients in this industry report an average of 0 employees, 100% lower than Kevin J Foley MD PA's reported 9 employees, and received an average PPP loan of $0, 100% lower than this company's loan of $25,000.
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Footnotes & Information
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