PPP Loan Data — L. Maurice Redd, Winston Salem, NC
L. Maurice Redd is a sole proprietorship located at 102 Laura Avene Suite A in Winston Salem, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
The company has reported itself as a Black or african american 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
L. Maurice Redd in Winston Salem, NC received a Paycheck Protection Loan of $25,000 through Uwharrie Bank, 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 March, 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, L. Maurice Redd's 2019 payroll expenses are estimated to be at least $120,000.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $30,000 per employee1
Reported PPP Proceed Usage:
On the PPP application, L. Maurice Redd reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - L. Maurice Redd in Winston Salem, NC
102 Laura Avene Suite A
Winston Salem, NC 27105
Direct Life Insurance Carriers
NAICS code 524113
Business Owner Demographics
Race: Black or African American
Gender: Male Owned
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Winston Salem
In the Winston Salem area, 2 businesses in the "Direct Life Insurance Carriers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 4) and received an average PPP loan of $22,916 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Kristen Martin DBA None
Winston Salem, NC
Industry PPP Comparison Statistics
Nationwide, 4,589 businesses in the "Direct Life Insurance Carriers" industry received a total of $147.14M in PPP loans. This industry in total received less than 1% of the total PPP funding distributed.
PPP recipients in this industry report an average of 3 employees, 25% lower than L. Maurice Redd's reported 4 employees, and received an average PPP loan of $32,063, 28% higher than this company's loan of $25,000.
FederalPay's PPP Information Policy
Footnotes & Information
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