PPP Loan Data — Law Office Of Richard N Thompson, Babylon, NY
Law Office Of Richard N Thompson is a sole proprietorship located in Babylon, New York that received a Coronavirus-related PPP loan from the SBA of $24,855.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Ridgewood Savings Bank
Law Office Of Richard N Thompson in Babylon, NY received a Paycheck Protection Loan of $24,855 through Ridgewood Savings Bank, which was approved in May, 2020.
The minimum number of employees this company must have had in 2019 to qualify for the loan range received is 1. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.
Reported PPP Proceed Usage:
On the PPP application, Law Office Of Richard N Thompson reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $24,855
Business Information - Law Office Of Richard N Thompson in Babylon, NY
* Full address is redacted to protect the privacy of individuals.
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Babylon
In the Babylon area, 54 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 3 employees (compared to this company's 1) and received an average PPP loan of $35,547 (compared to this company's $24,855).
Similar Nearby Businesses Who Received PPP Funding:
North Babylon, NY
Law Office Of Larry Rosenfeld PC
The Law Office Of Glass & Rau PC
Van Nostrand & Martin
Bruce Kennedy, PC
Ivars Berzins, PC
The Law Firm Of Kenneth Allen Brown, PLLC
Gerard Glass & Associates, PC
Adam J. Ansanelli, ESQ., PC
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, 500% higher than Law Office Of Richard N Thompson's reported 1 employees, and received an average PPP loan of $81,518, 228% higher than this company's loan of $24,855.
FederalPay's PPP Information Policy
Footnotes & Information
3. Since the PPP eligibility will include a maximum of $100k in salary expenses for each employee in the qualifying period, the minimum number of employees required to be eligible for a given PPP loan amount can be calculated by the following equation: ((LOAN AMOUNT/2.5 months) * 12 months) / 100k max salary. If a company reports fewer employees than this amount on their PPP application, it is likely because they had more employees on payroll during the qualifying period.
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