PPP Loan Data — Lee & Lee LLP, Pasadena, CA
Lee & Lee LLP is a limited liability partnership located at 106 S Mentor Ave Ste 150 in Pasadena, California that received a Coronavirus-related PPP loan from the SBA of $46,902.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Lee & Lee LLP in Pasadena, CA received a Paycheck Protection Loan of $46,902 through JPMorgan Chase 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, Lee & Lee LLP's 2019 payroll expenses are estimated to be at least $225,130.
Based on their reported 6 jobs retained, this equals an estimated average yearly compensation of $37,522 per employee1
Reported PPP Proceed Usage:
On the PPP application, Lee & Lee LLP reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $35,810
- Utilities: $264
- Rent: $7,880
- Health Care: $2,948
Business Information - Lee & Lee LLP in Pasadena, CA
106 S Mentor Ave Ste 150
Pasadena, CA 91106
Gift, Novelty, and Souvenir Stores
NAICS code 453220
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Pasadena
In the Pasadena area, 7 businesses in the "Gift, Novelty, and Souvenir Stores" industry received a PPP loan. These local businesses reported an average of 6 employees (compared to this company's 6) and received an average PPP loan of $96,681 (compared to this company's $46,902).
Similar Nearby Businesses Who Received PPP Funding:
Big T. Crafts
Tigran Sukiasyan MD A Professional Corporation
Hasmo Galleria Inc
Jung IL Park
Industry PPP Comparison Statistics
Nationwide, 17,351 businesses in the "Gift, Novelty, and Souvenir Stores" industry received a total of $573.27M 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 6 employees, the same amount reported by Lee & Lee LLP and received an average PPP loan of $33,040, 30% lower than this company's loan of $46,902.
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Footnotes & Information
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