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PPP Loan Data — Mid Atlantic Solutions, Inc, Philadelphia, PA

ALERT: There are 2 PPP loans for a total of $5.89M in our database for businesses with the name "Mid Atlantic Solutions, Inc" in Philadelphia, PA. This this is typically due to the same business receiving both first and second-draw loans, but may also include similarly named but unrelated businesses, multiple branches of the same business, mistaken multiple applications, or potential fraud. Click each loan below to see full details.

SBA PPP loan data, payroll data, and salaries for Mid Atlantic Solutions, Inc
PA

Mid Atlantic Solutions, Inc

Entity: Corporation

Industry: Offices of Lawyers

Location: Philadelphia, PA

Search All PPP Data

Mid Atlantic Solutions, Inc is a corporation located at 123 S Broad St 123 S Broad St in Philadelphia, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $2,000,000.00 in February, 2021.

$ PPP Loan Information
Loan #9561958408

Loan Size:

$2M

Jobs Retained:

134

Loan Approved:

2021-02-17

Loan Status:

Paid in Full or Forgiven

Lender:

PNC Bank, National Association

Mid Atlantic Solutions, Inc in Philadelphia, PA received a Paycheck Protection Loan of $2M through PNC Bank, National Association, which was approved in February, 2021.

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, 2022.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Mid Atlantic Solutions, Inc's 2019 payroll expenses are estimated to be at least $9.6M.

Based on their reported 134 jobs retained, this equals an estimated average yearly compensation of $71,642 per employee1

Reported PPP Proceed Usage:

On the PPP application, Mid Atlantic Solutions, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $1,999,996
  • Utilities: $1
Because the loan received by Mid Atlantic Solutions, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Mid Atlantic Solutions, Inc in Philadelphia, PA

Mid Atlantic Solutions, Inc
123 S Broad St 123 S Broad St
Philadelphia, PA 19109

Business Industry:
Offices of Lawyers
NAICS code 541110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Philadelphia County, PA — SBA Office 0303 — Congressional District: PA-03

Businesses Using Same Address:

There is one other business that received a PPP loan registered to the same address as Mid Atlantic Solutions, Inc.

Edelstein Martin & Nelson LLP
Offices of Lawyers

$84,832 PPP Loan

Similar Companies near Philadelphia

In the Philadelphia area, 34 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 134) and received an average PPP loan of $285,222 (compared to this company's $2M).

Industry PPP Comparison Statistics

Nationwide, 200,503 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 6 employees, 96% lower than Mid Atlantic Solutions, Inc's reported 134 employees, and received an average PPP loan of $81,670, 96% lower than this company's loan of $2M.

SBA PPP loan data, payroll data, and salaries for Mid Atlantic Solutions, Inc
PA

Mid Atlantic Solutions, Inc

Entity: Corporation

Industry: Offices of Lawyers

Location: Philadelphia, PA

Search All PPP Data

Mid Atlantic Solutions, Inc is a corporation located at 123 S Broad St in Philadelphia, Pennsylvania that received a Coronavirus-related PPP loan from the SBA of $3,891,500.00 in April, 2020.

$ PPP Loan Information
Loan #4681577102

Loan Size:

$3.89M

Jobs Retained:

149

Loan Approved:

2020-04-13

Loan Status:

Paid in Full or Forgiven

Lender:

PNC Bank, National Association
Likely Employment Reduction3

Mid Atlantic Solutions, Inc in Philadelphia, PA received a Paycheck Protection Loan of $3.89M through PNC Bank, National Association, 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 September, 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 149 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 187. This estimation is accurate if all employees were paid at or over the $100k PPP salary eligibility cap.

Payroll Estimates Based On SBA PPP Loan Eligibility Formula

Understanding The SBA Formula For Determining PPP Loan Eligibility

The simplest way to describe the standard PPP calculation is that businesses are eligible to receive a maximum PPP loan of up to 2.5 x average 2019 monthly payroll costs. However, specific calculation methods vary based on entity type and have numerous qualifications.

Read More
Understanding Payroll Estimates Based On PPP Amount

Please note that payroll estimations are based on a simplified PPP eligibility formula and do not account for factors such as salaries over $100k and other PPP eligibility components.

Read More

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, Mid Atlantic Solutions, Inc's 2019 payroll expenses are estimated to be at least $18.68M (not accounting for salary amounts > $100k).

Because the 149 jobs reported are not enough to account for the loan range received, per-employee payrolls cannot be estimated.

Reported PPP Proceed Usage:

On the PPP application, Mid Atlantic Solutions, Inc reported intending to use the proceeds of their PPP loan for the following expenses:

  • Payroll: $3,891,500
Because the loan received by Mid Atlantic Solutions, Inc is at least $2M dollars, it is subject to a full review by the SBA to ensure eligibility and compliance with PPP program requirements.

Business Information - Mid Atlantic Solutions, Inc in Philadelphia, PA

Mid Atlantic Solutions, Inc
123 S Broad St
Philadelphia, PA 19109

Business Industry:
Offices of Lawyers
NAICS code 541110

Business Owner Demographics

Race: Unreported

Ethnicity: Unreported

Gender: Unreported

Veteran Status: Unreported

Business Demographics

Business Age: Existing or more than 2 years old

LMI Zone: N

HUBZone: Y

Rural / Urban: Urban

Philadelphia County, PA — SBA Office 0303 — Congressional District: PA-03

Similar Companies near Philadelphia

In the Philadelphia area, 34 businesses in the "Offices of Lawyers" industry received a PPP loan. These local businesses reported an average of 16 employees (compared to this company's 149) and received an average PPP loan of $285,222 (compared to this company's $3.89M).

Industry PPP Comparison Statistics

Nationwide, 200,503 businesses in the "Offices of Lawyers" industry received a total of $16.38B in PPP loans. These businesses account for 2% of total PPP applications submitted, and received 2% of the total PPP funding allocated.

PPP recipients in this industry report an average of 6 employees, 96% lower than Mid Atlantic Solutions, Inc's reported 149 employees, and received an average PPP loan of $81,670, 98% lower than this company's loan of $3.89M.

FederalPay's PPP Information Policy

Paycheck Protection Loan data has been made public by the Small Business Administration (SBA) for all private companies that received a PPP loan.

All information displayed on this page is publicly available information under PPP loan guidelines, in compliance with 5 U.S.C. § 552 (Freedom of Information Act) and 5 U.S.C. § 552a (the Privacy Act) and is published unmodified, as provided by the SBA. FederalPay does not modify the data and makes no claims regarding its accuracy.

Any corrections or modifications to this data can only be made via the SBA. For more information, please see the FederalPay PPP Data Policy.

Search FederalPay's Full PPP Loan Database

Footnotes & Information

1. Estimations for informational purposes only. Payroll and salary estimates assume the borrower used the standard PPP calculation of 2.5 x average 2019 monthly payroll costs to determine PPP loan eligibility. Calculation methods vary based on entity type. Please read the latest official SBA PPP calculation rules for a full explanation of PPP loan amount calculation methods.

2. If a company's reported number of employees divided by the maximum PPP range amount per the SBA is greater than $100,000, the estimated maximum PPP loan received by the company can be adjusted down to assume no more than $100,000 yearly salary per employee was used in the PPP application. While employees at the company may earn more, $100k / employee is the maximum amount that can be used in PPP eligibility calculations.

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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Source: www.federalpay.org/paycheck-protection-program/mid-atlantic-solutions-inc-philadelphia-pa