PPP Loan Data — M2 Medical Community Practice PC, Brooklyn, NY
M2 Medical Community Practice PC
Location: Brooklyn, NYTweet This • Search All PPP Data
M2 Medical Community Practice PC is a corporation located at 4802 10th Avenue in Brooklyn, New York that received a Coronavirus-related PPP loan from the SBA of $1,675,720.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Lender:Bank of America, National Association
M2 Medical Community Practice PC in Brooklyn, NY received a Paycheck Protection Loan of $1.68M through Bank of America, 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, M2 Medical Community Practice PC's 2019 payroll expenses are estimated to be at least $8.04M.
Based on their reported 82 jobs retained, this equals an estimated average yearly compensation of $98,091 per employee1
Reported PPP Proceed Usage:
On the PPP application, M2 Medical Community Practice PC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $1,675,720
Business Information - M2 Medical Community Practice PC in Brooklyn, NY
4802 10th Avenue
Brooklyn, NY 11219
Offices of Physicians (except Mental Health Specialists)
NAICS code 621111
Business Owner Demographics
Veteran Status: Unreported
LMI Zone: Y
Rural / Urban: Urban
Similar Companies near Brooklyn
In the Brooklyn area, 128 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a PPP loan. These local businesses reported an average of 12 employees (compared to this company's 82) and received an average PPP loan of $131,856 (compared to this company's $1.68M).
Similar Nearby Businesses Who Received PPP Funding:
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Robert S Moskowitz, MD
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Arthritis & Rheumatology Care PC
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Industry PPP Comparison Statistics
Nationwide, 176,926 businesses in the "Offices of Physicians (except Mental Health Specialists)" industry received a total of $21.07B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 3% of the total PPP funding allocated.
PPP recipients in this industry report an average of 11 employees, 87% lower than M2 Medical Community Practice PC's reported 82 employees, and received an average PPP loan of $119,087, 93% lower than this company's loan of $1.68M.
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Footnotes & Information
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