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PPP Loan Data — Mid Atlantic Solutions, Inc,
Philadelphia, PA
Mid Atlantic Solutions, Inc
Entity: Corporation
Industry: Offices of Lawyers
Location: Philadelphia, PA
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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:
Jobs Retained:
134Loan Approved:
2021-02-17Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationMid 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 MoreUnderstanding 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 MoreBased 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
Business Information - Mid Atlantic Solutions, Inc in Philadelphia, PA
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
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
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).
Similar Nearby Businesses Who Received PPP Funding:
Kovler & Rush PC
Philadelphia, PA
Edelstein Martin & Nelson LLP
Philadelphia, PA
Greenblatt Pierce Funt And Flores LLC
Philadelphia, PA
Frank Desimone Attorney At Law
Philadelphia, PA
Sirlin Lesser & Benson, PC
Philadelphia, PA
Charles Geffen
Philadelphia, PA
Louis Rosner ESQ
Philadelphia, PA
Marisa Shuter
Philadelphia, PA
Howard Taylor
Philadelphia, PA
Industry PPP Comparison Statistics
Nationwide, 200,504 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.
Mid Atlantic Solutions, Inc
Entity: Corporation
Industry: Offices of Lawyers
Location: Philadelphia, PA
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•
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:
Jobs Retained:
149Loan Approved:
2020-04-13Loan Status:
Paid in Full or ForgivenLender:
PNC Bank, National AssociationMid 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 MoreUnderstanding 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 MoreBased 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
Business Information - Mid Atlantic Solutions, Inc in Philadelphia, PA
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
Businesses Using Same Address:
There are 9 other businesses that received a PPP loan registered to the same address as Mid Atlantic Solutions, Inc.
Privitera Law Firm LLC
Offices of Lawyers
Media Dei, LLC
Marketing Consulting Services
Law Office Of Alice W. Ballard PC
Offices of Lawyers
Cameron & Associates 8 LLC
Commercial and Institutional Building Construction
Law Offices Of Lisa A Mathewson LLC
Offices of Lawyers
Baer Corwin Insurance Agency Inc
Insurance Agencies and Brokerages
Zavodnick Zavodnick & Lasky LLC
Legal Counsel and Prosecution
Howard A Taylor LLC
Full-Service Restaurants
Leadership Philadelphia
Vocational Rehabilitation Services
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).
Similar Nearby Businesses Who Received PPP Funding:
Kovler & Rush PC
Philadelphia, PA
Edelstein Martin & Nelson LLP
Philadelphia, PA
Greenblatt Pierce Funt And Flores LLC
Philadelphia, PA
Frank Desimone Attorney At Law
Philadelphia, PA
Sirlin Lesser & Benson, PC
Philadelphia, PA
Charles Geffen
Philadelphia, PA
Louis Rosner ESQ
Philadelphia, PA
Marisa Shuter
Philadelphia, PA
Howard Taylor
Philadelphia, PA
Industry PPP Comparison Statistics
Nationwide, 200,504 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.
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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