PPP Loan Data — Michael A Prouty, Fallbrook, CA
Michael A Prouty is an independent contractor located in Fallbrook, California that received a Coronavirus-related PPP loan from the SBA of $25,000.00 in April, 2020.
The company has reported itself as a male owned business, and employed at least one person during the applicable loan loan period.
PPP Loan Information
Loan Status:Paid in Full or Forgiven
Lender:East West Bank
Michael A Prouty in Fallbrook, CA received a Paycheck Protection Loan of $25,000 through East West Bank, which was approved in April, 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.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, Michael A Prouty reported intending to use the proceeds of their PPP loan for the following expenses:
- Payroll: $25,000
Business Information - Michael A Prouty in Fallbrook, CA
* Full address is redacted to protect the privacy of individuals.
Residential Property Managers
NAICS code 531311
Business Owner Demographics
Gender: Male Owned
Veteran Status: Non-Veteran
LMI Zone: N
Rural / Urban: Urban
Similar Companies near Fallbrook
In the Fallbrook area, 7 businesses in the "Residential Property Managers" industry received a PPP loan. These local businesses reported an average of 2 employees (compared to this company's 1) and received an average PPP loan of $25,443 (compared to this company's $25,000).
Similar Nearby Businesses Who Received PPP Funding:
Grand Rose LLC
Providence Real Estate Management Corporation
Anna Liza Prouty
Reynolds Development Group Inc
Industry PPP Comparison Statistics
Nationwide, 36,628 businesses in the "Residential Property Managers" industry received a total of $3.05B 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 9 employees, 800% higher than Michael A Prouty's reported 1 employees, and received an average PPP loan of $83,394, 234% higher than this company's loan of $25,000.
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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