Laseraway Medical Group, Inc in Beverly Hills, CA - SBA PPP Loan Data (Paycheck Protection Program)

PPP Loan Data — Laseraway Medical Group, Inc, Beverly Hills, CA

Laseraway Medical Group, Inc

Entity: Corporation

Industry: Beauty Salons

Location: Beverly Hills, CA

Laseraway Medical Group, Inc is a corporation located at 307 S. Robertson Blvd in Beverly Hills, California that received a Coronavirus-related PPP loan from the SBA of $6,190,500.00 in April, 2020.

$ PPP Loan Information
Loan #3213987101

Loan Size:

$6.19M

Jobs Retained:

411

Loan Approved:

2020-04-11

Loan Status:

Paid in Full or Forgiven

Lender:

Bank of Southern California, National Association

Laseraway Medical Group, Inc in Beverly Hills, CA received a Paycheck Protection Loan of $6.19M through Bank of Southern California, National Association, 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 July, 2021.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

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, Laseraway Medical Group, Inc's 2019 payroll expenses are estimated to be at least $29.71M.

Based on their reported 411 jobs retained, this equals an estimated average yearly compensation of $72,298 per employee¹

Reported PPP Proceed Usage:

On the PPP application, Laseraway Medical Group, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

Payroll: $4,642,875
Utilities: $1,547,625

Because the loan received by Laseraway Medical Group, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Laseraway Medical Group, Inc in Beverly Hills, CA

Laseraway Medical Group, Inc
307 S. Robertson Blvd
Beverly Hills, CA 90211

Business Industry:
Beauty Salons
NAICS code 812112

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: N

Rural / Urban: Urban

Los Angeles County, CA — SBA Office 0914 — Congressional District: CA-33

Similar Companies near Beverly Hills

In the Beverly Hills area, 317 businesses in the "Beauty Salons" industry received a PPP loan. These local businesses reported an average of 5 employees (compared to this company's 411) and received an average PPP loan of $47,386 (compared to this company's $6.19M).

Similar Nearby Businesses Who Received PPP Funding:

The Lash Lift
Beverly Hills, CA

$2,497 PPP Loan

Bayalage Inc
Beverly Hills, CA

$6,250 PPP Loan

Hm-Hair LLC
Beverly Hills, CA

$16,501 PPP Loan

International_Salon_Group,_Inc
Beverly Hills, CA

$64,232 PPP Loan

Lancer Skincare, LLC
Beverly Hills, CA

$309,800 PPP Loan

Shirin Salon Inc
Beverly Hills, CA

$3,500 PPP Loan

Debra Mcbride
Beverly Hills, CA

$20,833 PPP Loan

Jimin Lee
Beverly Hills, CA

$10,253 PPP Loan

Beverly Hills Permanent Makeup
Beverly Hills, CA

$2,100 PPP Loan

Industry PPP Comparison Statistics

Nationwide, 459,305 businesses in the "Beauty Salons" industry received a total of $8.59B in PPP loans. These businesses account for 4% of total PPP applications submitted, and received 1% of the total PPP funding allocated.

PPP recipients in this industry report an average of 2 employees, 100% lower than Laseraway Medical Group, Inc's reported 411 employees, and received an average PPP loan of $18,694, 100% lower than this company's loan of $6.19M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

Have FederalPay.org's open data tools been valuable? Consider donating!