PPP Loan Data — Medindexpharmacy LLC, Troy, MI
Medindexpharmacy LLC is a limited liability company (LLC) located at 1639 E Big Beaver Rd Ste 101 in Troy, Michigan that received a Coronavirus-related PPP loan from the SBA of $46,590.00 in May, 2020.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:JPMorgan Chase Bank, National Association
Medindexpharmacy LLC in Troy, MI received a Paycheck Protection Loan of $46,590 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 April, 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, Medindexpharmacy LLC's 2019 payroll expenses are estimated to be at least $223,632.
Based on their reported 4 jobs retained, this equals an estimated average yearly compensation of $55,908 per employee1
Reported PPP Proceed Usage:
On the PPP application, Medindexpharmacy LLC reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $37,272
- Rent: $5,600
- Health Care: $3,718
Business Information - Medindexpharmacy LLC in Troy, MI
1639 E Big Beaver Rd Ste 101
Troy, MI 48083
Pharmacies and Drug Stores
NAICS code 446110
Business Owner Demographics
Veteran Status: Unreported
Business Age: Existing or more than 2 years old
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Troy
In the Troy area, 9 businesses in the "Pharmacies and Drug Stores" industry received a PPP loan. These local businesses reported an average of 19 employees (compared to this company's 4) and received an average PPP loan of $141,271 (compared to this company's $46,590).
Similar Nearby Businesses Who Received PPP Funding:
Onecare Ltc, LLC
The Village Pharmacy And Compounding #2 Inc
MED Index Pharmacy LLC
Gabe Care Direct RX, Inc
Somerset Pharmaceutical LLC
Wellness Pharmacy And Compounding, LLC
Industry PPP Comparison Statistics
Nationwide, 18,035 businesses in the "Pharmacies and Drug Stores" industry received a total of $1.7B 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 12 employees, 200% higher than Medindexpharmacy LLC's reported 4 employees, and received an average PPP loan of $94,214, 102% higher than this company's loan of $46,590.
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