PPP Loan Data — Life Care Services, Inc, Brooklyn, NY
Life Care Services, Inc is a subchapter s corporation located at 1723 Avenue M Fl 2 in Brooklyn, New York that received a Coronavirus-related PPP loan from the SBA of $2,505,545.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:JPMorgan Chase Bank, National Association
Life Care Services, Inc in Brooklyn, NY received a Paycheck Protection Loan of $2.51M through JPMorgan Chase Bank, National Association, which was approved in April, 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, Life Care Services, Inc's 2019 payroll expenses are estimated to be at least $12.03M.
Based on their reported 374 jobs retained, this equals an estimated average yearly compensation of $32,157 per employee1
Reported PPP Proceed Usage:
On the PPP application, Life Care Services, Inc reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $2,465,495
- Utilities: $600
- Rent: $1,950
- Health Care: $37,500
Business Information - Life Care Services, Inc in Brooklyn, NY
1723 Avenue M Fl 2
Brooklyn, NY 11230
Home Health Care Services
NAICS code 621610
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Brooklyn
In the Brooklyn area, 36 businesses in the "Home Health Care Services" industry received a PPP loan. These local businesses reported an average of 102 employees (compared to this company's 374) and received an average PPP loan of $599,591 (compared to this company's $2.51M).
Similar Nearby Businesses Who Received PPP Funding:
New Century Home Care, Inc
Summit Home Health Care, Inc
David York Agency LTD
Sterling Staffing Inc
Industry PPP Comparison Statistics
Nationwide, 91,996 businesses in the "Home Health Care Services" industry received a total of $7.67B 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 15 employees, 96% lower than Life Care Services, Inc's reported 374 employees, and received an average PPP loan of $83,373, 97% lower than this company's loan of $2.51M.
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Footnotes & Information
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