PPP Loan Data — Magnolia Development Co, LLC, Raleigh, NC
Magnolia Development Co, LLC is a limited liability company (LLC) located in Raleigh, North Carolina that received a Coronavirus-related PPP loan from the SBA of $25,300.00 in April, 2020.
PPP Loan Information
Loan Status:Ongoing Loan
Magnolia Development Co, LLC in Raleigh, NC received a Paycheck Protection Loan of $25,300 through Towne Bank, which was approved in April, 2020.
This loan has been disbursed by the lender and has not yet been fully repaid or forgiven. The exact status of ongoing loans is not released by the SBA.The size of company's PPP loan indicates that the number of employees on payroll during the eligibility calculation period (typically 2019) was higher than the 1 jobs reported as retained on the PPP application3. This could be caused by a reduction in employment since 2019, due to Coronavirus or other factors.
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, Magnolia Development Co, LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,300
Business Information - Magnolia Development Co, LLC in Raleigh, NC
* Full address is redacted to protect the privacy of individuals.
Other Activities Related to Real Estate
NAICS code 531390
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Raleigh
In the Raleigh area, 17 businesses in the "Other Activities Related to Real Estate" industry received a PPP loan. These local businesses reported an average of 7 employees (compared to this company's 1) and received an average PPP loan of $69,437 (compared to this company's $25,300).
Similar Nearby Businesses Who Received PPP Funding:
Advocates Realty Group, LLC
Hedgehog Holding, LLC
Cokesbury Holdings LLC
Royalty Builders LLC
River Forest Partners LLC
Market Title, LLC
Red Eagle Management LLC
United Property Management, LLC
Industry PPP Comparison Statistics
Nationwide, 79,334 businesses in the "Other Activities Related to Real Estate" industry received a total of $3.69B 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 4 employees, 300% higher than Magnolia Development Co, LLC's reported 1 employees, and received an average PPP loan of $46,456, 84% higher than this company's loan of $25,300.
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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