PPP Loan Data — Law Offices Of Michael Smith, LLC, Decatur, GA
Law Offices Of Michael Smith, LLC is a limited liability company (LLC) located at 160 Clairemont Avenue Suite 200 in Decatur, Georgia that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in May, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Wells Fargo Bank, National Association
Law Offices Of Michael Smith, LLC in Decatur, GA received a Paycheck Protection Loan of $25,000 through Wells Fargo Bank, National Association, which was approved in May, 2020.
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, Law Offices Of Michael Smith, LLC'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, Law Offices Of Michael Smith, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Law Offices Of Michael Smith, LLC in Decatur, GA
160 Clairemont Avenue Suite 200
Decatur, GA 30030
Offices of Lawyers
NAICS code 541110
Business Owner Demographics
Veteran Status: Unreported
Business Age: New Business or 2 years or less
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Decatur
In the Decatur area, 163 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 4) and received an average PPP loan of $38,184 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
The Law Firm Of Abbi Susan Taylor LLC
FOX Legal, LLC
Dorough & Dorough LLC
Conoscienti & Ledbetter, LLC
Katz Wright Fleming & Dodson LLC F/K/A Katz Stepp & Wright L
Mackintosh Law, LLC
Russell & Herrera PC
Daniel A Greene LLC
Stephen M. Ozcomert 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, 50% higher than Law Offices Of Michael Smith, LLC's reported 4 employees, and received an average PPP loan of $81,518, 226% higher than this company's loan of $25,000.
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Footnotes & Information
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